CATEGORIES: Global Assets, Nigerian Property Markets

Nigeria Mortgage Refinance Company Shares Approved for Trading on NASD OTC

The securities of Nigeria Mortgage Refinance Company PLC (NMRC) were introduced to the NASD OTC market by Cordros Capital Limited on 27th of November, 2015.

According to a statement released by the NASD, the 1.76billion shares of NMRC are trading under the Symbol code SDNMRCPLC and were entered to the board at a price of ₦4:00 per share.

Shares have since risen by 13.75% as the last traded price was ₦4.55.

NASD OTC Company Snapshot

Name Nigeria Mortgage Refinance Company PLC
Industry: Financials
Subsector: Mortgage Finance
Status: Active
Admitted Date: Nov 27, 2015
Registrar: Meristem Registrars Limited
Auditor: KPMG Professional Services

The NMRC is a private sector driven company with the public purpose of developing the primary and secondary mortgage markets by raising long-term funds from the domestic capital market as well as foreign markets and thereby provide accessible and affordable housing in Nigeria. They intend to refinance the loans and buy off debt from mortgage banks to enable them lend to more mortgage seekers at better rates.

The NMRC’s financial statements of 2014 indicate that the company made a total income of ₦732.92m while Profit After Tax stood at ₦160.15m.

About NASD

NASD PLC is the promoter of a Trading Network that eases secondary market trading of all securities of unquoted public companies primarily in Nigeria but with a focus on the West African region.