The National Council of the Nigerian Stock Exchange (NSE) has approved for the Exchange to proceed with the delisting of four companies for non-compliance with post listing requirements.
Already, the NSE has commenced the process to delist the identified companies as noted in a public notice dated August 21. The affected companies are Evans Medical Plc, Anino International Plc, Nigerian German Chemicals Plc, and Roads Nigeria Plc.
The NSE said it had engaged Anino International Plc with a view to returning it into full compliance the Exchange’s post listing obligations. “When these efforts did not yield results, the Exchange sent out delisting notices to Anino International Plc in 2016,” according to the NSE.
It noted that following the said notification, “Anino International Plc engaged the Exchange indicating that it will cure its deficiencies and return to compliance. Thus, the Exchange stayed action in respect of the delisting and placed Anino on its Delisting Watch in order to give it a period of time to cure the deficiencies. However, Anino failed to cure these deficiencies”.
Anino International Plc has now been given one month from the August 21 notice to cure its compliance deficiencies, which was earlier communicated to it, failing which it will be delisted from the Exchange’s daily official list.
Anino International Plc is a publicly quoted Nigerian enterprise with interest in the manufacturing of plastic items and ornaments for personal or industrial purposes, assembling and sales of automobiles, sales of electrical and electronics, civil engineering contracting and food and beverages. The company share price on the Exchange is 25kobo per share. It was listed on January 2, 1990 according to NSE.
Also, Evans Medical Plc, Nigerian German Chemicals Plc and Roads Nigeria Plc were granted three months each to cure their compliance deficiencies, failing which the next steps of the delisting process will be activated.
The Exchange said it engaged these three companies with a view to return them into full compliance with the post-listing requirements.
“When these efforts did not yield results, the Exchange issued final delisting notices to Evans Medical Plc (under receivership) on January 18, 2016, and to Roads Nigeria Plc and Nigerian German Chemicals Plc on July 16, 2018. The Exchange notified them of its intention to delist them from the Daily Official List due to their non-compliance with provisions of the post listing rules of the Exchange and granted the companies an additional period of one month to cure their compliance deficiencies failing which they would be delisted from the Daily Official List,” the NSE stated. According to the Exchange, “These entities also did not take appropriate steps to regularize their listing status”.
Evans Medical Plc is a Nigeriabased company, which manufactures pharmaceutical products. Its share price is at 50kobo per share. It was listed on July 23, 1979.
Nigerian German Chemicals Plc is one of Nigeria’s premier manufacturers and distributors of pharmaceutical, consumer products and Oil & Gas field chemicals.
Born out of Hoechst Nigeria, Nigerian German Chemicals Plc has a 40 year pedigree in manufacturing. The company became officially quoted on the stock exchange in 1979. Its share price still stands at N3.62.
Meanwhile, Roads Nigeria Plc provides infrastructure construction services. The Company offers civil engineering works and constructs roads, bridges, airfields, and dams. Its share price stood at N6.6kobo as at Monday August 26.
