Paints & Coatings to Quit Nigerian Stock Exchange

Stock Investors

By Dipo Olowookere

Paint & Coatings Manufacturers Nigeria Plc has expressed its intention to delist its shares from the daily official list of the Nigerian Stock Exchange (NSE).

In a notice to the stock market regulator, the firm, ahead of the exit, it has, 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 on Friday by the NSE’s Acting Head of Listings Regulation Department, Mr Godstime Iwenekhai, disclosed.

As at the close of trading yesterday, the share price of Paints and Coatings closed at 62k per share and a market capitalisation of N491.6 million and 792,914,256 outstanding shares.

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.

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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