By Dipo Olowookere
Three companies listed on the Nigerian Exchange (NGX) Limited have been removed from the platform for operating below the listing standards.
In a notice to the investing community last Thursday, the stock market regulator named the affected firms as Niger Insurance Plc, Resort Savings and Loans, and RAK Unity Petroleum Plc.
The NGX stated that as a result of their delisting from its trading platform, investors and shareholders of the organisations will no longer be able to trade their stocks like they used to.
The bourse explained that it decided to remove these companies from the stock exchange based on the rules guiding the ecosystem.
“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of the General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting process which states that to recognize that council reserves the right to remove the name of a company from the official list of the exchange at its absolute discretion and may, if: it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public; or any of the foregoing terms and conditions are not complied with; or the company becomes a subsidiary of any other company.
“The shares of the three companies below have been delisted from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective on Thursday, July 18, 2024, on the grounds that they are operating below the listing standards of Nigerian Exchange Limited (NGX) and their securities are no longer considered suitable for continued listing and trading in the market: 1) Niger Insurance Plc; 2) Resort Savings and Loans Plc; and 3) RAK Unity Petroleum Plc,” the disclosure stated.
Adedapo Adesanya