AVA Infrastructure Series 1 Fund has been listed on the trading platform of Nigerian Exchange Limited (NGX) for N4.075 billion.
“Trading licence holders are hereby notified of the listing of AVA Global Asset Managers Limited’s AVA Infrastructure Series 1 Fund of 4,075 units of N1 million each issued at par under the N200 billion issuance programme,” according to a press release signed by Godstime Iwenekhai, head of the NGX Issuers Regulation Department.
The 4,075 units of the AVA Infrastructure Series 1 Fund were listed as a closed-end fund and unit trust scheme denominated in naira at a price of N1 million each on the main board of NGX.
The Fund’s Issuing House is AVA Capital Partners Limited; its Trustee is STL Trustees Limited; its Custodian is United Bank of Africa Plc; and its Registrar is Cordros Registrars Limited.
In the meantime, asset management company AVA Global Asset Managers Limited’s N200 billion Infrastructure Fund was approved by the Securities and Exchange Commission (SEC).
The fund seeks to close the infrastructure gaps in Nigeria
With the goal of supporting the nation’s infrastructure development, AVA Global Asset Managers recently opened its Series I issuance of the fund, valued at up to N200 billion, on January 29, 2024, and closed on March 6, 2024.
“The fund is intended to support innovative businesses in industries like power, telecommunications, agribusiness and supporting infrastructure, gas distribution, processing, and storage. Its goal is to strategically channel institutional capital into infrastructure projects in order to address Nigeria’s infrastructure gaps.
“The fund’s major goal is to provide unit holders with steady and stable income through debt financing for Nigerian infrastructure projects. It strives to focus on projects or businesses that provide critical economic and social benefits, generate consistent cash flows, and use long-lived assets,” the company stated.
The fund’s goal, according to Mr. Efe Shaire, managing director of AVA Global Asset Managers, was to provide private loans with an emphasis on worthwhile initiatives that would generate steady and predictable future cash flows.
The speaker underscored the significance of the private sector’s engagement in funding infrastructure, emphasising the need for cooperative endeavours, inventive financial instruments, and additional strategic endeavours from private sector organisations.
NGX’s statement
The fund’s NGX listing demonstrates both the Exchange’s dedication to sustainable investing in Africa and the growing interest and demand for such investments throughout the continent.
As part of its sustainability drive for the capital market, NGX is dedicated to promoting additional listings in the sustainable finance sector and providing visibility to sustainable financial instruments listed on its platform.
