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NSE delists 4 companies for flouting post-listing rules

The Nigerian Stock Exchange (NSE) in a statement on Tuesday said it had delisted four companies from its daily official list for non-compliance to post-listing requirements.

The affected companies are Pinnacle Point Group Plc, Afroil Plc, Starcomms and Big Treat.

The stock exchange said the affected companies failed to take any appropriate step to regularise their listing status.

“On Monday, June 23, 2014, the NSE published a notice of its intention to delist 24 listed companies arising from their non-compliance with provisions of the Listing Rules,” said the statement.

It said the notice provided a three-month window for each of the affected listed companies to regularise its listing status with the exchange.

According to the statement, one of the affected companies has fully regularised its listing status, while 19 companies have taken some steps to regularise their listing status.

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The statement added that the exchange would continue to engage these 19 companies to ensure compliance with their post listing obligations.

Investors would lose about N40.47 billion with the delisting of the affected companies.

Market capitalisation of Pinnacle Point Group stood at N33.34 billion, Afroil N2.59 billion, Starcomms N3.54 billion, while Big Treat market capitalisation amounted to N1 billion.