NGX Group’s substantial investor reduces stake, as firm increases revenue by 10%
Miri Strategic Emerging Markets Fund LP has reduced its stake in the Nigerian Exchange Group (NGX Group), where it holds a substantial stake.
The substantial investor sold off 1.48 million shares in NGX Group, which translates to Miri Strategic withdrawing N38.61 million worth of investment in NGX Group
It was learnt that the sale of the shares was conducted on March 3, 2023, a corporate document dated March 7, and obtained by Ripples Nigeria on Wednesday disclosed
Prior to this, Miri Strategic had also participated in a sell-off in September 2022, offloading 1.5 million shares, worth N29.64 million.
During the same month, Cardinal Stone Partners Limited, another substantial shareholder of Nigerian Exchange Group had also sold off shares
Cardinal Stone Partners Limited took out over N457.63 million from NGX Group after selling off 25.42 million units of shares.
Meanwhile, NGX Group reported its revenue rose by 10.3 per cent in 2022, to close last year with N7.49 billion, in contrast to the N6.79 billion generated in 2021.
However, NGX Group suffered N1.32 billion operating loss last year, failing to better the N281.84 million operating profit recorded in 2021.
Also, the company saw its net profit depreciate by -68.9 per cent when the N698.48 million profit after tax of 2022 is compared to the N2.24 billion garnered by NGX Group a year before.
