MRS Oil Nigeria Plc said it had concluded plans of voluntarily delisting all its issued shares from the Nigerian Exchange Limited (NGX).
The oil firm said in a notification to shareholders and the investing public on Friday, March 28.
This will stop MRS shares from being traded on the floor of the Nigerian stock exchange.
According to the company, it has subsequently requested admission to the NASD OTC Securities Exchange (NASD), where its shares will be trading as unlisted securities.
The ICIR, in April 2024, reported MRS Oi’s plans to voluntarily delist from the Nigerian stock market.
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By this action, the oil firm joined the list of companies that have delisted or finalised arrangements for delisting from the NGX.
About seven companies delisted from the exchange in 2023 worth over N264.92 billion, and several others initiated the move to delist in 2024, including Oando Plc, Glaxo SmithKline Consumer Nigeria, PZ Cussons Nigeria Limited, and Coronation Insurance.
Announcing the final arrangement of its delisting, MRS Oil said the decision followed the approvals granted by its shareholders at the Extra-ordinary General Meeting (EGM) held on June 25, 2024.
It noted that its plans to delist its shares from the Nigerian stock market are by applicable regulations.
“The effectiveness of this Payout remains subject to the final approvals of the Securities and Exchange Commission (SEC) and NGX.”
Key terms of the payout or refund of the principal investment to shareholders as approved by SEC include that the company shall comply with NGX regulations by setting aside the necessary funds to settle dissenting and absentee shareholders.
The company’s registrars shall maintain the account for three months, during which eligible shareholders who wish to exit the company may claim their entitlements.
Another condition is that after three months, shareholders who have not opted for the payout shall be migrated to the NASD platform, and any unclaimed funds shall revert to the company.
It added that the registrars shall submit a detailed report to the SEC, listing the shareholders who have exited and have received payment.
In light of the foregoing, shareholders who were absent from the EGM or dissented to the Voluntary Delisting are advised to contact the registrar for their payoff from April 4 to July 4, 2025.