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NSE serves final delisting notice on Starcomms, others

By BusinessNews Staff on October 16, 2014

The Nigerian Stock Exchange on Tuesday served a final notice of delisting on Starcomms Plc, Afroil Plc, Jos International Breweries Plc and six others for failing to regularise their listing status despite being given three months to do so.

The others are Investment and Allied Plc, Pinnacle Point Group Plc, West African Glass Industry Plc, Nigeria Wire & Cable Plc, Mtech Plc and Big Treat Plc.

The affected companies are among the 24 companies that the Exchange served with the notice of delisting on June 23, 2014.

The Exchange explained in the initial notice that it received the approval of the Quotation Committee of its National Council on June 2, 2014 to delist the companies from the Daily Official List pursuant to the provisions of its Listing Rules, specifically, Clause 15 of the General Undertaking.

“The Exchange has 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 securities of entities with no current information regarding their financial status,” the notice had read in part.

The NSE gave each of the affected companies three months to regularise their listing status.

Daar Communications Plc, UTC Plc, IPWA Plc and Goldlink Insurance Plc were among the companies initially slated for delisting.

The list also included Stockvis Plc, Nigeria Sewing Machines Plc, Golden Guinea Plc and FTN Cocoa Processors Plc, among others.

Our correspondent had reported earlier this month that Daar Communications Plc was leading the other companies in a struggle to avoid being delisted by the Exchange.

The report noted that Daar Communications and FTN Cocoa Processors had released financial statements since the initial notice was served, while Goldlink Insurance issued a statement explaining that it was “vigorously pursuing” efforts to resolve all regulatory problems.

The Chief Executive Officer, NSE, Mr. Oscar Onyema, had confirmed the efforts by some of the firms to avoid being delisted, without mentioning their names, at the second quarterly meeting of the Capital Market Committee in Lagos.

“A number of those companies have engaged the Exchange and we are now talking with them. Some of them have filed their papers and some of them are holding their AGMs,” Onyema had said, stressing that not all the companies would be delisted.

[Punch]

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