In 2021, seven companies delisted on the Nigerian Exchange Limited (NGX), up from five delistings in 2020.
Also, the market witnessed the listing of four companies — up from one listing in 2020.
Briclinks Africa Plc, Guaranty Trust Holding Company Plc (GT HoldCo), Nigerian Exchange Group and Ronchess Global Resources Plc were the listed companies.
In June, NGX had listed Guaranty Trust Holding Company Plc (GT HoldCo) after delisting Guaranty Trust Bank (GTBank) from its trading platform.
In October, NGX Group had listed shares worth 1.96 billion shares by introduction on the main board of the Nigerian Exchange Limited (NGX) after the Nigerian Stock Exchange and its operations were demutualised and restructured.
Also, Ronchess Global Resources Plc, on December 17, had been listed on the NGX.
The delisted companies include 11 Plc, Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc, Studio Press Nigeria Plc, Union Diagnostic and Clinical Services Plc.
Four, out of the delisted companies, were excluded by the NGX due to nonconformity to its regulations and three companies voluntarily delisted.
11 Plc, formerly Mobil Plc, voluntarily delisted on May 7, 2021, after 43 years of trading on the Nigerian Stock Exchange.
In March, 11 Plc had told its minority shareholders that they could still retain their shares as the company was not willing to forcefully acquire their shares.
“The delisting of 11 Plc’s shares from NSE is not meant to make the company private. It is only a cessation of trading of the company’s shares on the NSE platform,” 11 Plc had said.
“Hence, there is no forceful acquisition of shares from minority shareholders. The company’s shares will be listed on the NASD OTC, thus still making its shares tradable.”
Other companies that willfully delisted from the NGX include Studio Press Nigeria Plc and Union Diagnostic and Clinical Services Plc.
Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc, and Unic Diversified Holdings Plc were delisted by the NGX due to noncompliance with the post-listing requirement of filing of results at the appropriate time.
Even as it is projected that the stock market could close the year on a positive note, before the two-day Christmas public holiday, the year-till-date stock market performance culminated in 4.95 percent.
Source: Top Stories
