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11 Plc (Mobil) ready to become the 4th company to delist from NSE in 4 months amidst economic austerity

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11 Plc (Mobil) ready to become the 4th company to delist from NSE in 4 months amidst economic austerity

11 Plc, formerly Mobil Oil Nigeria PLC, is poised to delist from the daily official list of the Nigerian Stock Exchange (NSE).

If the move materialises, 11 Plc will become the fourth company to exit the Exchange in less than four months, joining the rank of Dangote Flour Mills, A.G. Leventis and Continental Reinsurance as economic conditions in the country exarcebate.

Only Cement Company of Northern Nigeria (CCNN) delisted from the NSE during the period without exiting it by reason of its marriage to Obu Cement to become BUA Cement Plc.

Yet there is a likelihood that the NSE will shrink further in value anytime soon as the planned delisting of loss-making Greif Nigeria Plc is in the offing.

Read also: GTB grows profit to N196.9bn, proposes N2.50 final dividend

Greif has already notified the NSE of its plan to sell its factory and other fixed assets preparatory to exiting the Exchange.

11 Plc, in a statement posted by the NSE Tuesday, says its Board of Directors has resolved to voluntarily delist from the NSE subject to shareholders’ approval at its next Annual General Meeting scheduled to hold on 3rd June 2020.

The company similarly unveils the board’s plan to restructure its real estate unit to 11 Hospitality Limited.

11 Plc had in January reported a N473.2 million shortfall in its Full Year 2019 profit.

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