Global Spectrum Energy Services listed on the Nigeria Stock Exchange

GSES, an Integrated Marine Oil & Gas Company listed today as a Public Company on the Main Board of the Nigeria Stock Exchange. The Company has listed 800m ordinary shares offered at 50k each for 5 per share of subscription to investors. During a facts behind the listing today at the Nigeria Stock Exchange that featured Acting Head, Capital Markets Division, Tony Ibeziako, CEO of the NSE, Oscar Onyema, Chairman of Global Spectrum Energy Services Limited, Godwin Omene, CEO of GSES, Colm Doyle, the management of the Company talked about its listing on the Equity Capital Markets to raise funds as a means to expand into gas production, establishment of a steel plant for the production of pipes and allied products as well as establishment of a Lube Plant for Lubricants.

The management says part of its appeal to investors is the fact that since its establishment 8 years ago in 2009, it has not recorded a loss and has zero debts on its balance sheet as it has been able to fund its capital projects from profit re-investments. It maintained that its approval to join the main board given the rigorous conditions it had to meet had to meet based on the rules and regulations of the Nigeria Stock Exchange gives credence to its corporate governance structure and fitness and effectively manage capital. In a statement pre-listing it said “Global Spectrum combines its strategic operations with skilled personnel who bring invaluable operational experience and success into the company. Continuous attention to these values have led to long-term client relationships, which have been vital to its successful operations in the past, and will prove rewarding in its activities in the future.”

The Company Stock will be open for trading on Tuesday 28th November 2017 when the main bourse opens at 9am GMT and will be represented by the ticker symbol GSES

Kelvin Emmanuel

About Kelvin Emmanuel

The Oil producing Angola in the Southern part of Africa faces what Nigeria faced 12months ago; a distortion in its exchange rate with a difference between the official markets and the parallel black markets. One dollar through the official window buys you 166 kwanza, while one dollar through the black market buys you 400 kwanza. Nigeria faced the same challenge 12months ago, when the distortion between the official and black markets was as much as the official markets trading at 306 with the parallel market ranging from 450 through to 510. The Central Bank Governor of Angola, Jose de Massano Junior announced in Luanda “We will stop having a fixed foreign exchange, we will adopt a floating regime of foreign exchange”. Angola faces exactly the same challenges and has been applying the exact same responses to an exchange rate crisis like using its foreign reserves that was sitting at $26bn to defend the currency kwanza, with no success so far, even though the external reserves has dropped to $14bn. Angola relies on Oil receipts for 80% of its government revenue, 90% of its inflow and 50% of its GDP. Angola is a $194bn economy that has been growing at an average of 10% on the back of rising oil prices since 2002 when its 27 year old civil war that started in 1975 ended. The state national oil company Sonangol reports that it produces up to 1.8m barrels of crude oil daily, however the government that until now has being led by the family dynasty Jose Eduardo dos Santos until recently when succession saw power transferred to Joao Lourenco, reports that the oil price rout in 2015/2016 that saw prices drop to as low as $28 per barrel caused ripples across the economic structures of the government, upsetting government revenues, its ability to fund its budget, capital project funding, foreign direct investments into the economy as a result of a currency crisis that was driven by the widening of gap between the official and street window of the kwanza, that until now has been pegged in a fixed exchange rate regime to the US Dollar.