Chams is the 20th most traded stock on the Nigerian Stock Exchange over the past three months , trading a total volume of 186 million shares in 947 deals which is valued at N 45.8 million over the period, with an average of 2.95 million traded shares per session.
The company’s group managing director , Gavin Young, at a press conference office in Lagos yesterday, said, Chams Plc started the process in 2021 to meet requirements for the renewal and recapitalization of its Mobile Money and Switching payment licenses. “Part of the requirements of the Central Bank of Nigeria was for Chams to change its listing to a non-operating holding company, which we have now successfully achieved. This change takes immediate effect and we will now be known as Chams Holding Company PLC”, Young said.
The GMD further noted that, 2022 is a major year for the now Chams Holding Company, adding that, “although the migration to a HoldCo was a major component of our Consumer-Africa-Digital 2024 Unicorn vision, led by our founder and Chairman Sir. Demola Aladekomo and our esteemed Board of Directors in 2020, it was also mandated by the CBN, due to the fact that Chams Plc is the majority stakeholder in two major CBN payment licences via its subsidiaries ChamsSwitch Limited and ChamsMobile Limited.
According to Young, “Listing as a Holding Company means that we are focussing on our existing subsidiaries and business assets to build shareholder value, whilst incubating and growing other businesses within our subsidiaries, and also creating new subsidiaries as part of the Holding Company structure.”