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By Nkiruka Nnorom
SHAREHOLDERS of FMDQ OTC Plc approved the plan by the board of directors to raise N5 billion of fresh capital to further stimulate its operation.
The shareholders also approved a change of name from FMDQ OTC Plc to FMDQ Securities Exchange Plc following the prior approval of the regulatory authorities.
Speaking at the Sixth Annual General Meeting, in Lagos, the President, Dr. Joseph Nnanna, who said that no date has been set for the raising of capital, explained that the fund would be constituted by a combination of rights issue and public offer.
He explained that the fund would be raised in installments and that it would be deployed in favor of the development of subsidiaries and products. Presenting the financial report to shareholders, Nnanna said the stock market admitted a total of 50 debt securities worth NZ 236.87 billion, while lists of securities denominated in foreign currencies rising at $ 4.98 billion were also attracted during the year. , the stock market recorded a turnover of 2.57 billion euros for the fiscal year ended December 31, 2017, up 25.94% from 2.0 billion euros. In 2016 and the highest since its creation in 2013.
As part of the strategic market development initiatives, operating expenses also increased by 39% to N2.22 billion, which resulted in a 20.58% drop in PBT's pre-tax profit, to NZ 349.76 million versus 2016.
"The trading turnover of trading activities on our platform also recorded the highest value since its creation at NZ 142.03 billion, an increase of 25% over the previous year, the activities seen in treasury bills and foreign exchange product lines, "he said.
Bound
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