The Lagos Building Investment Company Plc held its 13th Annual General Meeting at LBIC House ASSBIFI Road Lagos.
In addition to its Ordinary Business, the company also passed a Special Resolution to have the company fully Admitted to the NASD OTC Securities Exchange.
An Admission of a Company on the NASD OTC market is equivalent to a full listing. The company is bound by the rules and governance requirements of the securities exchange – which includes scheduled financial reporting and requirements for full dematerialisation. A full admission of company also meets the requirements of the Securities and Exchange Commission that all public securities must trade on a SEC registered trading platform. Shareholders are the ultimate beneficiaries as they will have better access to liquidity and greater transparency into the operations of the company and its share price.
At NASD OTC Securities Exchange we also tend to develop a great working relationship that enables the company meet its financing structure requirements. On admission, LBIC will be placed in the financial services segment that includes Nigeria Mortgage Refinance Company Plc, AG Mortgage Bank Plc and Trustbond Mortgage Bank Plc.
We therefore congratulate the Board and Shareholders on the decision to be admitted to the OTC market and look forward to providing an efficient liquidity platform for shareholders in the company.