The shares of Great Nigeria Insurance Plc (GNI) have been admitted to trade on the NASD OTC Securities Exchange.
They were on Tuesday August 27, 2019 admitted to trade on this Over-The-Counter (OTC) market for unlisted securities.
The shares of the Company which offers a full range of insurance services were introduced on the platform of the NASD OTC market by Greenwich Trust Limited.
The shareholders in the company can commence dematerialisation through Greenwich Registrars and Data Solutions, according to the NASD OTC Securities Exchange.
“We welcome the shares of Great Nigeria Insurance to trade on NASD OTC Securities Exchange”, it added.
The company’s securities details show it has 3,827,484,380 tradable securities in issue.
Great Nigeria Insurance Plc incorporated in Nigeria on September 28, 1960 as a Private Limited Company and subsequently became a Public Limited Company.
Recall that in August 2018, the Nigerian Stock Exchange (NSE) was notified that the shareholders of Great Nigeria Insurance Plc (GNI) at its Extra-Ordinary General Meeting (EGM) held on Wednesday July 25, 2018 approved for the company to voluntarily delist its shares from the Nigerian Stock Exchange (NSE).
The reason being that Great Nigeria Insurance Plc has continued to struggle over the past years to meet up with NSE post-listing requirements which included not submitting its financial reports as required and inability to meet the free float requirement.
“Over the last five years, there is little or no trading activity on the shares of the company held by the minority shareholders.
“There has also been a considerable fall in trading volumes over the last twelve 12 months with an average daily volume of circa 1,200 units during the period March 2017 to March 2018,” the Company had given the NSE as reason to delist.
Iheanyi Nwachukwu
