NSE to delist Starcomms, Daar Communications, UTC others

The Quotations Committee of the National Council of the Nigerian Stock Exchange (NSE), on Monday, June 2, 2014, approved the delisting of some entities from the Daily Official List pursuant to the provisions of the Greenbook (Listing Rules) of the Exchange, specifically, Clause 15 of the General Undertaking.

The Exchange decided to delist these entities because of their failure to file quarterly and annual financial statements as required under the Listing Rules. This regulatory action is necessary in order to protect the investing public from trading in the securities of entities with no current information regarding their financial status.

These entities are: Starcomms plc, Daar Communication plc, Investment and Allied Insurance plc, Goldlink Insurance plc, Pinnacle Point Group plc, Adswitch Plc, Afroil plc, Rokanna Industry plc, IPWA plc, West African Glass Industry plc, Nigeria Wire & Cable plc, UTC plc, FTN Cocoa Processing plc, G.Cappa plc, Big Treat plc, and Mtech plc.

Also, further to the approval of Council, the Exchange has also decided to delist the following entities who failed to regularise their listing status after being given time to do so. They are: Stockvis plc, Nigeria Sewing Machine plc, Jos International Breweries plc, Capital Oil plc, and Golden Guinea plc.

The NSE noted that this serves as a notice of delisting and the entities will be delisted effective three months from the date of being notified.