December 30, 2021

NGX recorded 7 exits, 4 new listings in 2021

8 elite companies control nearly half of stock market with N11trn

By Peter Egwuatu

A total of seven companies delisted their shares from the Nigerian Exchange Limited (NGX) in 2021, up from five recorded in 2020. On the other hand the stock market recorded listing of four companies, up from one in 2020.

The delisted companies include 11 Plc, Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc, Studio Press Nigeria Plc, Union Diagnostic and Clinical Services Plc.

Four, out of the delisted companies, were excluded by the NGX due to nonconformity to its regulations and three companies voluntarily delisted.

READ ALSO: NGX resumes after Christmas break with N238bn loss

11 Plc, formerly Mobil Oil Plc, voluntarily delisted on May 7, 2021, after 43 years of trading on the Nigerian Stock Exchange.

In March, 11 Plc had told its minority shareholders that they could still retain their shares as the company was not willing to forcefully acquire their shares.

“The delisting of 11 Plc’s shares from NSE is not meant to make the company private. It is only a cessation of trading of the company’s shares on the NSE platform,” 11 Plc had said.

“Hence, there is no forceful acquisition of shares from minority shareholders. The company’s shares will be listed on the NASD OTC, thus still making its shares tradable.”

Other companies that willfully delisted from the NGX include Studio Press Nigeria Plc and Union Diagnostic and Clinical Services Plc.

Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc, and Unic Diversified Holdings Plc were delisted by the NGX due to noncompliance with the post-listing requirement of filing of results at the appropriate time.

Briclinks Africa Plc, Guaranty Trust Holding Company Plc (GT HoldCo), Nigerian Exchange Group and Ronchess Global Resources Plc, were the listed companies.

In June, NGX had listed GT HoldCo after delisting Guaranty Trust Bank (GTBank) from its trading platform.

Also, Ronchess Global Resources Plc, on December 17, was listed on the NGX.

In October, NGX Group had listed 1.96 billion shares by introduction on the main board of the Nigerian Exchange Limited (NGX) after the Nigerian Stock Exchange and its operations were demutualised and restructured.

Vanguard News Nigeria