Nigerian Exchange Delists Shares of Global Spectrum

By Dipo Olowookere

The entire shares of Global Spectrum Energy Services Plc have been delisted from the trading platform of the Nigerian Exchange (NGX) Limited.

The company’s stocks were removed from the bourse on Tuesday, according to a notice signed by Ms Obioma Oge for the Head of the Listings Regulation Department at the stock exchange.

The reason for the removal of Global Spectrum equities from the daily official list of the Nigerian exchange was that the organisation voluntarily exited the bourse.

Recall that last week, the NGX announced that it had placed a full suspension on the shares of the company, making it impossible for investors to trade the securities at the exchange.

The firm was leaving the NGX a few years after it joined and was expecting to blossom through the platform.

However, things apparently did not go well as planned, and this has forced the board of the company to bow out.

In the notice today, the NGX said, “We refer to our market bulletin of April 4, 2023, with reference Number: NGXREG/LRD/MB17/23/04/04 wherein the market was notified of the full suspension placed on trading in the securities of Global Spectrum Energy Services Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from the Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Global Spectrum were today, Tuesday, April 11, 2023, delisted from the daily official list of NGX.”

Global Spectrum is an integrated oil & gas offshore support vessel services company which listed its stocks on the local stock exchange in November 2017. It listed 800 million ordinary shares of 50 Kobo each at N5 per share, increasing the value of the market by N4 billion.

A look at the performance of the company on the stock market showed that as of January 5, 2023, when it recorded the last transactions, its share price closed flat at N2.48 per unit, which is 50.4 per cent or N2.52 lower than its listing price of N5.00.