The National Council of the Nigerian Stock Exchange (NSE) has approved delisting of 17 companies from the market.

     

    A report obtained by The Nation indicated that 18 companies have been slated for delisting, including 17 companies that have been earmarked for compulsory delisting and a company that had opted for voluntary delisting over its inability to comply with listing requirements.

     

    Finding’s at the weekend indicated that the delisting will shave of more than N33 billion from the market capitalisation, implying direct loss of similar value to investors who may not be able to unlock such value in the absence of a regular stock exchange.

     

    Already, the Quotation Committee of the National Council, which presides over listing and delisting of companies, has approved final delisting of seven of the companies while it has also approved final delisting process for 10 other companies.

     

    The final delisting approval implies that the Exchange has concluded and complied with the regulatory requirements in the delisting process, including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

     

    The final delisting process outlines the step-by-step delisting process and implies ongoing engagement of the affected company on the timeline for compliance with listing requirements in default.

     

    Under compulsory delisting, the authorities at the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position of the board or shareholders of the affected company. Voluntary delisting is the deliberate withdrawal of the shares of a company from the Exchange by the board of directors, acting on the mandate of the statutory majority of the shareholders.

     

    Companies which final delisting has been approved by the council included Aluminium Manufacturing Company of Nigeria Plc, Adswitch Plc, Jos International Breweries Plc, G Cappa Plc, IPWA Plc, West Africa Glass Industries Plc and Investment and Allied Insurance Plc.

     

    Companies which final delisting process has been approved included Rokana Industries Plc, Navitus Energy Plc, formerly Union Ventures & Petroleum Plc; International Energy Insurance, Costain (West Africa) Plc, Lennards (Nigeria) Plc, Deap Capital Management & Trust Plc, Evans Medical Plc, P.S Mandrides & Company Plc, Nigerian Ropes Plc and Premier Breweries Plc.

     

    A source in the know said the companies were being delisting for recurring and possibly irredeemable inability to comply with the listing requirements of the Exchange, especially in the areas of timely and accurate rendition of operational and financial accounts and other corporate governance issues.

     

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