NSE Begins Process of Delisting Six Companies

NSE All-Share Index

By Dipo Olowookere

Six companies listed on the Nigerian Stock Exchange (NSE) are already being prepared to be pushed out of the stock market, Business Post has authoritatively learned.

Already, according to information available to us, the NSE has obtained approval of the Regulation Committee (RegCom) of its National Council to go ahead with the process.

This authorisation was received to allow the management of the exchange to commence process of delisting the six firm from the nation’s local bourse. By the time it is completed, the companies would no longer be allowed to trade their shares on the local stock exchange.

Document seen by Business Post indicated that of the six affected firm, only one is seeking to delist itself voluntarily, which is First Aluminium Nigeria Plc.

The five companies, which are presently in the process of being delisted by the NSE are Deap Capital Management Plc, Evans Medical Plc, The Tourist Company of Nigeria Plc, Anino International Plc and Nigerian German Chemical Plc.

Deap Capital Management is a Lagos-based fund management company operating in the capital market, mortgage banking, and oil and gas sectors. Its major products include DEAP Standard, DEAP Gold, DEAP Platinum and DEAP Classic, while its major services include fund management, portfolio management, capital.

Shares of the company were last traded on the NSE in October 2018 at 44 kobo per unit. They were admitted on the stock exchange on December 17, 2007.

For Evans Medical, it is one of Nigeria’s largest pharmaceutical manufacturing companies, which started business operations in the country in 1954.

The firm has been undergoing tough times for a while and in October 2017, it announced that the defunct Skye Bank Nigeria Plc, now Polaris Bank, and First Bank of Nigeria had taken over its asset. Shares of the company were last transacted on the NSE at 50 kobo per unit.

Another company on the list, The Tourist Company of Nigeria Plc, is involved in  the operation of gaming and hospitality businesses in Victoria Island, Lagos. The firm owns and operates the popular Federal Palace Hotel and Casino in Victoria Island, Lagos. It also operates a casino, a banqueting facility, and a pool club.

The company, which still released its financial statements for Q1 2019 in April, is still active on the NSE, with its shares traded this week at N3.50k per share.

Anino International Plc is a firm which manufactures and markets a range of nutritional supplements and pharmaceutical products in Nigeria. The company specialises in nutritional products and supplements as well as intravenous solutions.

It was listed on the NSE on January 2, 1990 and its shares last exchanged at 25 kobo per share and has a market capitalisation of N6.1 million.

Nigerian German Chemical Plc, which has its office in Ogun State, is a manufacturer, seller and distributor of specialty industrial chemicals and pharmaceutical products.

It produces and sells specialty industrial chemical products consisting of chemical intermediates for use in the production of paints, textiles, plastics, leather and soaps.

In addition, it manufactures and markets household consumer products, and markets agrochemical and veterinary products, serving various market sectors, including healthcare, agrochemicals veterinary/animal healthcare, oil and gas industry, household consumer products and industrial chemicals. Its products include Albarika, Antelmin, Anusol, Benylin, Broncholyte, Ciproval, Cofeze, Colipan, Daga, Duphalac, Duphaston, Dusptalin, Fastaquine, Gelusil, Glanil, NGC-valgin, Oraldene, PaedAmol, PaediQuine, Sloans, Tabalon, Traflox, Atrazine 80 WP, Atrazine 500 FW, Glyphosate, Cypermethrin, Luxan Lindane, Diazinon, Dichlorvos, Dinamol and Engipal CVN-Y, among others.

Shares of this firm were last traded on the NSE in October 2017 at N3.44k each.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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