Nigeria Stock Exchange Set To Delist Companies

Nigeria Stock Exchange Set To Delist Companies

By Chidinma Unigwe | Sub Editor on October 14, 2014
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Following the notice of Delistment of about 24 companies from the Daily Official List of the Nigeria Stock Exchange which was published On Monday, 23 June 2014, on the NSE website, some companies stepped up and regularized their listing status whereas some others appeared obstinate.

The notice gave a 3-month grace for the enlisted companies to act in accordance with provisions of the Listings Rules of The Exchange and pursuant to Clause 15 of the General Undertaking.

After the notice, it was learnt that just one company has complied fully and met all the requirements of The Exchange whereas 14 other companies have made efforts to comply though they are yet to fully meet the demands of the exchange.

According to a press release on the NSE website, the entities listed below have failed to take any/or appropriate steps to regularize their listing status:

  1. Investment and Allied Insurance Plc
  2. Pinnacle Point Group Plc
  3. Afroil Plc
  4. West African Glass Industry Plc
  5. Nigeria Wire & Cable Plc
  6. Starcomms Plc
  7. Mtech Plc
  8. Big Treat Plc
  9. Jos International Breweries Plc

​Please note that this serves as the Final Notice of Delisting. The Exchange will proceed with the delisting process for the above listed companies after one month of this notice unless they take appropriate steps to effect compliance with their post listing obligations.

The Exchange will continue to engage the 14 companies that have taken steps towards regularizing their listing status with a view to bringing them into compliance with their post listing obligations.

 

 

 

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