Capital Oil, Lenards Others to be Delisted from Stock Exchange
The Nigerian Stock Exchange has concluded plans to delist several companies for failure to meet its post-listing requirements.
The affected companies include Aluminium Manufacturing Company of Nigeria Plc, Capital Oil Plc and W.A. Glass Industry Plc, Union Dicon Salt Plc, Hallmark Paper Products Plc, Nigeria Wire Industry Plc, Rokana Industry Plc, Lenards Nigeria Plc and Udeofson Garment Factory (Nig) Plc.
The NSE plans to delist the companies in November as it has secured the approval of the Securities and Exchange Commission (SEC) to do so.
The NSE unveiled an “X-Compliance Report”in April. It is designed to keep track of the compliance level of quoted companies as part of efforts to enhance transparency and disclosures.
The X-Compliance report serves as a tool to notify members of the investing public when a company is undergoing a strategic exercise such as Capital Reconstruction, Delisting or Restructuing.
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