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Johannesburg - Lifestyle and leisure property group Pinnacle Point has made history on the Nigerian Stock Exchange by
becoming the first foreign company to achieve a full dual listing in that country.
Pinnacle Point is also listed on the JSE's Alternate Exchange.
The listing on the Nigerian Stock Exchange (NSE) on 17 March took place in advance of the Group's Lagos Keys resort development in Nigeria - a five phase development that will feature luxurious residential and commercial accommodation, hotels, a golf course, marina and sports and cultural centres.
Pinnacle Point Group chairperson, Lazarus Zim, who was previously also responsible for taking MTN and MNet into Nigeria, said that his Group had been delighted by the positive response from the Nigerian public and stock-broking fraternity.
"The shares that were made available that day were snapped up within the five minute trading period allowed immediately after our listing, lifting our share price by some 15% on the day," he said.
Explaining the advantages of the dual listing, Zim said that it provided South Africans and Nigerians the opportunity to participate in growth sectors in both countries.
"The dual listing represents a vote of confidence not only in the African continent but also in the value to be unlocked through co-operation between regional players," he concluded.
- I-Net Bridge