Connect with us

Business

Here is why these 15 companies delisted from the NGX in three years

Published

on

Stock Market: Investors lose N153bn in a day

On Friday, Guaranty Trust Bank (GTB) standalone commercial banking structure was delisted from the Nigerian exchange daily official list.

The delisting of GTB subsequently saw the listing of GT Holdco’s share capital of 29.43 billion ordinary shares of 50 kobo each at N28.55 per share.

GTB has now joined 14 other companies delisted by NGX in the last three years

Below are the other 15 companies and the reasons they no longer trade on NGX.

Dangote Flour Mill Plc

Dangote Flour Mill Plc was delisted from the daily official list of NSE in 2019 following the acquisition of Scheme Shareholders share by Crown Flour Mills Limited.

Diamond Bank Plc

The Nigeria Stock exchange delisted Diamond Bank Plc after it merged with Access Bank Plc.

First Aluminium Nigeria

The Nigerian Stock Exchange (NSE) announced the voluntary delisting of First Aluminium Nigeria Plc on 31 July 2019.

The company had explained that shareholders were not benefiting from the continued listing and were not getting exit opportunities. The company also added that its shares have continued to trade at a significant discount to the intrinsic value.

Fortis Microfinance Bank Plc

The company was delisted following the revocation of their operating licenses by the Central Bank of Nigeria (CBN).

Great Nigeria Insurance Plc

Great Nigeria Insurance Plc voluntarily delisted from the Nigerian Stock Exchange.

The management had complained that Shareholders were not benefitting from the listing and were not getting any exit opportunity while thier investments was locked up making it difficult to dispose of their shareholding.

Newrest ASL Nigeria PLC

Aviation services company, Newrest ASL Nigeria PLC, also delisted voluntarily in May 2019.

Skye Bank Plc

Skybank plc was also delisted following the revocation of operating licenses by the Central Bank of Nigeria (CBN).

Anino International Plc

The delisting of Anino was approved by the National Council of Nigeria stock exchange in line with The Exchange’s regulatory delisting process as a result of persistent non-compliance with The Exchange’s post listing rules.

Cement Company of Northern Nigeria Plc

The company was delisted following its merger with BUA Cement Plc (formerly OBU Cement Company Plc)

READ ALSO: University Press, Vitafoam Nigeria, CWG Plc, Royal Exchange make Ripples Nigeria stocks-to-watch list

Continental Reinsurance Plc

Continental Reinsurance Plc reverted to a private limited liability company after two decades of operating as a public limited liability company.

The company noted that the voluntary decision to delist was due to review of its business strategy and restructuring,

Evans Medical

Evans Medical Plc is a Nigerian pharmaceutical company that was established in 1954 and listed on the Nigerian Stock Exchange in 1979. Over the years, the company has been plagued by many challenges, ranging from increasing competition to corporate governance lapses.

The company was officially delisted on May 17 by NGX

Nigeria-German Chemicals Plc

Nigeria-German Chemicals Plc was also delisted for not obeying the listing rules of the NSE.

The company never filed any financial statement since Q3 2014 till date.

Roads Nigeria Plc

Roads Nigeria Plc is a Sokoto-based publicly held Nigerian construction company. The company was delisted over poor corporate governance and failure to comply with extant rules at the stock market.

Unic Diversified Holdings Plc

The company have been on the watchlist for failure to comply with the rules of The Exchange for over two years.

11 Plc

11 Plc, formerly known as Mobil Oil Nigeria Plc was also delisted however voluntarily.

Explaining the rationales for the delisting to shareholders, the company stated that the delisting would also enable it explore strategic opportunities, alliances and collaborations that can bolster earnings and synergized benefits with little or no regulatory obligations.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

five − 1 =

Investigations