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NSE places Vono on full suspension ahead of delisting

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NSE LIVE! High-cap stocks depress equities

The Nigerian Stock Exchange (NSE) will place Vono Products Plc on full suspension as from today, Monday, March 21, kick-starting the delisting process for one of the oldest foam-manufacturing companies.

A regulatory filing at the weekend indicated that Vono Products will be delisted upon the consummation of its merger with Vitafoam Nigeria, which will absorb the shareholders and equities of its erstwhile main competitor.

Vitafoam Nigeria and Vono Products have taken steps to finalise their merger with the two companies obtaining the statutory court order sanctioning their business combination. With the order of the Federal High Court, both companies have entered the concluding phase of the business combination.

Read also: Nigeria’s economic model not sustainable – Tinubu

Both Vitafoam Nigeria and Vono Products had earlier secured approvals of their respective shareholders, Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) for this transaction.

According to the scheme of arrangement for the merger, upon the conclusion of the merger process, Vono Products Plc will be dissolved and delisted from the NSE

The NSE at the weekend indicated that it would suspend trading in the shares of Vono Products Plc as from today. However, transactions will continue on Vitafoam Nigeria as it will become the surviving entity from the merger of the two companies.

Stakeholders of Vitafoam Nigeria and Vono Products have rooted for the business combination, arguing that it would create better values for shareholders of the two companies and enhance the long-term competitiveness of the larger company.

 

 

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