NGX Group Plc has announced its investment in the Ethiopian Securities Exchange (ESX), leading a charge of institutional investors to inject capital into the exchange’s operationalisation.
It is noted that the NGX is largest foreign institutional investor in the ESX.
According to corporate disclosure made on the NGX website, NGX Group invested alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA).
Speaking on the investment, Alhaji Umaru Kwairanga, the Chairman of the NGX Group said,
“We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.”
He added, “Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.”
Temi Popoola, the Group Managing Director of NGX Group noted,
