Newrest ASL Exits Stock Exchange as NSE Delists Shares

By Dipo Olowookere

The entire shares of Newrest ASL Nigeria Plc have been delisted from the trading platform of the Nigerian Stock Exchange (NSE).

A notice issued yesterday by the regulator disclosed that the shares were removed from the stock market on Monday, May 13, 2019.

Business Post reports that the delisting of the equities of Newrest ASL was requested for by the board of the company.

Before now, the NSE had suspended trading on the stock on the platform.

In the circular signed yesterday by the Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, it was said that, “Further to our market bulletin of February 27, 2019, with reference number: NSE/RD/LRD/MB17/19/02/27, notifying dealing members of the Nigerian Stock Exchange’s approval of the application for voluntary delisting of the entire share capital of Newrest ASL Nigeria Plc, and subsequent suspension of trading in the shares of the company, please be informed that the entire issued share capital of Newrest ASL were delisted from the Daily Official List of the exchange, today, Monday, May 13, 2019.”

Recall that on Tuesday, January 29, 2019, at an Extraordinary General Meeting (EGM) of the company, shareholders approved the delisting of the shares from the NSE.

The shareholders had resolved, “That pursuant to the recommendation of the board of directors of the company dated December 18, 2018 consent is hereby accorded to the board, by the members of the company, to seek voluntary delisting of all the shares of the company from the daily official list and from trading on the main board of the NSE where the shares of the company are currently listed, subject to the listing rules of the NSE and all other applicable laws.”