By Dipo Olowookere
Paints and Coatings Manufacturers Nigeria Plc has finally been delisted on the Nigerian Stock Exchange (NSE), Business Post has confirmed.
This information was confirmed by the management of the stock exchange in its weekly X-Compliance Report.
In the report obtained by Business Post at the weekend, it was disclosed that Paints and Coatings Manufacturers Nigeria was finally delisted on Friday, August 17, 2018.
Recall that recently, the board of Paint & Coatings Manufacturers Nigeria Plc had expressed its intention to delist shares of the firm from the daily official list of the stock exchange.
In a notice to the stock market regulator, the firm, ahead of the exit, had through its stockbroker, Meristem Securities Limited, submitted an application for a Scheme of Arrangement between it and holders of its fully paid up ordinary shares of 50k each.
Paint & Coatings Manufacturers Nigeria Plc was listed on the stock exchange on November 2, 2010 and after almost seven years, it is leaving.
“Dealing members are hereby notified that Paints and Coatings Manufacturers Nigeria Plc (Paints and Coatings) has through its Stockbroker; Meristem Securities Limited submitted an application for a Scheme of Arrangement between the Company and holders of its fully paid up ordinary shares of 50k each.
“The Scheme will lead to the delisting of the entire shares of Paints and Coatings Manufacturers Nigeria Plc from The Daily Official List of The Exchange,” a statement issued by the NSE’s Acting Head of Listings Regulation Department, Mr Godstime Iwenekhai, had disclosed.
According to X-Compliance Report, the total number of delisted shares of the company was 792.9 million at 59 kobo per share and a total capitalisation of N467.8 million.
In 2010, the firm listed a total of 792,914,256 ordinary shares on the NSE at N3.90 each.
A look at its unaudited 2017 half-year earnings showed that its profit before tax depreciated by 56.8 percent.
Modupe Gbadeyanka