The Nigerian Stock Exchange, NSE, has announced plans to delist UTC Plc, Daar Communications Plc and 19 other quoted companies from its daily official list.
According to the Exchange, some of the companies were being delisted for failing to file their quarterly and annual financial reports and account with the NSE, while some other ones failed to regularise their listing status after being given time to do so.
The companies being delisted for non-rendition of their financial accounts include UTC Plc, FNT Cocoa Processing Plc, G. Cappa Plc, Big Treat Plc, Mtech Plc, Daar Communications Plc, Starcomms Plc, Nigeria Wire and Cable Plc and West Africa Glas Industry Plc.
Others are IPWA Plc, Rokana Industry Plc, Afroil Plc, Adswitch Plc, Pinnacle Point Group Plc, Goldlink Insurance Plc and Investment and Allied Insurance Plc.
Those being delisted for not regularising their listing status include Jos International Breweries Plc, Golden Guinea Plc, Capital Oil Plc, Nigeria Sewing Machine Plc and Stockvis Plc.
In a statement announcing the delisting, the Exchange said that the decision was taken on June 2, 2014 by the Quotation Committee of the National Council, pursuant to the provision of the Greenbook, (Listing Rules), specifically Clause 15 of the general undertaking.
It further stated that the action became necessary in order to protect the investing public from trading in securities of entities with no current information on their financial status, adding that it would take effect three months from the date of the notice.