The Nigerian Exchange Limited (NGX) has delisted the Shares of Arbico Plc from its Daily Official List of NGX.

    This was contained in the Exchange’s Weekly Report as seen by Nairametrics.

    The delisting follows the NGX’s approval of the Company’s application to delist its entire issued share capital.

     

     

    The statement reads:

     “We refer to our market bulletin of 17 May 2024 with reference Number: NGXREG/IRD/MB26/24/05/17 wherein the Market was notified of the suspension placed on trading in the securities of Arbico Plc (Arbico or the Company) in preparation for the delisting of the Company.

    Following the approval of the Company’s application to delist its entire issued share capital from the Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Arbico was on Monday, 20 May 2024, delisted from the Daily Official List of NGX”.

     

    Shareholders of Arbico Plc have recently approved the voluntary delisting of the company’s issued and fully paid-up ordinary shares from the Nigerian Exchange Limited.

    According to a statement, this approval was part of the resolutions passed at the Extraordinary General Meeting of Arbico Plc, which took place on Thursday, March 21, 2024, in Kuto, Abeokuta.

    The notice further details the process for the voluntary delisting, stating that shares held by dissenting shareholders will be acquired by the majority shareholder. The registrars will distribute the exit consideration to dissenting shareholders in accordance with the rules of the Nigerian Exchange Limited on delisting.

    Arbico Plc, a Nigerian construction and civil engineering company, has been facing financial challenges in the last few years.

    This strategic move by Arbico Plc marks a new phase for the company, potentially aiming for greater flexibility and operational efficiency away from the public market’s scrutiny.

    The decision comes at a time when the company has reported significant financial challenges, shifting from profitability in previous years to a substantial loss in the latest fiscal year.

    Despite a recent increase in revenues, rising to N19.5 billion in 2023 from N8.45 billion in the previous year Arbico Plc faced financial difficulties, recording a loss after tax of N1.08 billion in the full year of 2023 compared to a profit of N358.16 million a year earlier.

    The delisting may offer Arbico Plc a pathway to restructuring and refocusing its business model to navigate through its current financial turbulence. The majority shareholder of Arbico Plc is R28 Ltd, which holds approximately 69.97% of the shares and is owned by Nigerian billionaire Chief Kensington Adebutu. AOG Ltd owns 10% of the shares, while the remaining 20% is owned by various Nigerian investors.

    The company closed its last trading day on Tuesday, April 16, 2024, at N1.03 per share on the Nigerian Stock Exchange (NGX).

     

    MARKET STATUS: CLOSED

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