Greif Nigeria to Exit Stock Exchange, Sell Lagos Properties

December 18, 2019
Greif Nigeria

By Modupe Gbadeyanka

The board of Greif Nigeria Plc has agreed to delist shares of the company from the Nigerian Stock Exchange (NSE) next year.

However, to make this effective, the board of directors is calling for an Extra-Ordinary Meeting (EGM) to be held on January 23, 2020 to seek approval of the company’s shareholders.

Also, at the EGM, the board wants the authorisation of the investors to sell the company’s properties in Lagos; the one at its present head office and another property around the area.

A notice from Greif Nigeria said the board took the decisions to exit the stock exchange and offload the buildings at a meeting held on Thursday, December 12, 2019 in Lagos.

“Sequel to the board meeting of Greif Nigeria held on Thursday, December 12, 2019, at Greif Board Room, No 1, Alapata Road, Apapa, Lagos at 11:00am, the company wishes to inform the Nigerian Stock Exchange and its shareholders/investing public of the following resolutions passed at the meeting;

“Convening an Extraordinary General Meeting of the company for Thursday, January 23, 2020 at the company’s office, No. 1 Alapata Road, Apapa, Lagos at 11.00 a.m. for the following purposes:

“That the company’s land and buildings known and designated as ‘Factory at No. 1 Alapata Road, Apapa, Lagos and Residence at No. 3/5 Barracks Road, Apapa, Lagos’ be sold at a price and upon such terms and conditions negotiated and determined by the board;

“That the company’s shares be delisted from the Nigerian Stock Exchange;

“That the board be and is hereby authorised to take such steps or actions and to do all things as may be necessary to give full effect to the above-mentioned resolutions,” the disclosure said.

Concluding, the company said it also wants approval for the closure of register of members and transfer books from Monday, December 23 to 24, 2019, with both dates inclusive.

Business Post reports that Greif Nigeria Plc (formerly Van Leer Containers (Nigeria) Plc) manufactures and markets steel drums in Nigeria as well as plastic containers and sheet metal. Earlier this year, the firm announced the suspension of its operations in the country.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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