By MICHAEL EBOH

The only surviving textile firm on the Nigerian Stock Exchange, NSE, United Nigerian Textiles, UNTL, Plc has joined the list of companies preparing to exit the secondary segment of the capital market, as it announced its plans to delist its shares from the NSE.

The company, according to a notice sent to the NSE through its stockbroker, CSL Limited, weekend, said that the decision to delist is based on the receipt of a restructuring proposal from its majority shareholder, Cha Chi Ming Limited, a private company incorporated in the British Virgin Islands.

The company said that delisting from the NSE will afford it the opportunity to initiate a corporate and financial restructuring of the company.

With this development, the Textiles sub-sector of the NSE, which used to feature six companies, would be collapsed.

Afprint Nigeria Plc had delisted its shares from the NSE in 2010, while the NSE delisted the shares of Aba Textile Mills Plc, Asaba Textile Mills Plc, Enpee Industrial Plc and Nigerian Textile Mills Plc for redundancy and their failure to meet up with post-listing requirements of the NSE.

Nigerian Bottling Company Plc’s shareholders recently approved plans of the company to delist, Incar Nigeria Plc has informed the authorities of its plans to delist, while Cappa & D’Alberto’s delisting is currently underway.