Great Nigeria Insurance (NGSE:GNI) Plc, at the weekend voluntarily delisted its entire share capital from the Nigerian Stock Exchange (NSE).
The company said, “further to our market bulletin of December 13, 2018 notifying dealing members of the approval of the application filed by MBC Securities Limited on behalf of Great Nigeria Insurance for the voluntary delisting of the entire share capital of GNI, the entire issued share capital of Great Nigeria Insurance were delisted from the daily official list of the NSE on January 25, 2019.”
It will be recalled that shareholders of GNI in 2018 had approved a proposal by the board of directors for immediate delisting of the insurance company from the NSE.
Giving reasons for delisting from the NSE, the company said over the past five years, there is little or no trading activity on the shares held by the minority shareholders and also considerable fall in trading volumes over the last 12 months in the March 2017 to March 2018 period.
The company also, said that shareholders are not benefitting from the continued listing as they are not getting any exit opportunity and their investments have been locked up in the Exchange, while the company is not benefitting as its shares continue to trade at a significant discount on the intrinsic value.
Chairman of the company, Mr. Bade Aluko, said that the delisting will afford the company the opportunity to carry out an imminent corporate restructuring exercise to take advantage of emerging opportunities in the market and larger economy.
