The Nigerian Exchange Ltd. (NGX) has officially delisted the entire issued share capital of Arbico Plc from its daily official list after 46 years of being listed.
This development was disclosed in the NGX’s weekly report, made available to newsmen in Lagos, stating that the company was delisted on Monday.
The shareholders of Arbico Plc had approved the voluntary delisting of the company’s shares from the bourse in March and sought the necessary regulatory approval.
The NGX communicated the suspension of trading in Arbico Plc’s securities in a market bulletin dated May 17, 2024, with reference number NGXREG/IRD/MB26/24/05/17, as a preparatory step towards the delisting.
“Following the approval of the company’s application to delist its entire issued share capital from the NGX, please be informed that the entire issued share capital of Arbico was on Monday, May 20, 2024, delisted from the daily official list of the NGX,” the NGX stated.
The decision to delist was part of a resolution passed at the Extraordinary General Meeting of Arbico Plc held on March 21, 2024, in Kuto Abeokuta.
The shareholders’ resolution also included provisions for the acquisition of shares from dissenting shareholders by the majority shareholder and the remittance of the exit consideration to these shareholders as per NGX rules on delisting.
Additionally, in the same week, Jaiz Bank Plc, Nigeria’s first full-service non-interest financial institution, declared a dividend of 4k per share to be paid on July 16.
FBN Holdings Plc also announced a dividend of 40k per share to be paid on August 23.
On the trading front, the NGX All-Share Index and Market Capitalisation depreciated by 0.52% to close the week at 97,612.51 and N55.218 trillion, respectively, down from 98,125.73 and N55.508 trillion reported the previous week.
This depreciation resulted in a total investor loss of N290 billion for the week.
The delisting of Arbico Plc, a construction firm with a long history on the NGX, marks a significant change in the company’s public trading status, reflecting broader trends and strategic decisions in the Nigerian corporate landscape.
