May 25, 2009 at 15:59 GMT
Shareholders in the Nigerian Capital Market (NCM) have advised Afprint Nigeria Plc (Afprint) to delist from the Daily Official List of the Nigerian Stock Exchange (NSE). Adeleke Adebayo, General Secretary, Independent Shareholders Association of Nigeria (ISAN) confirmed this to Proshare NI in Lagos Nigeria.
This is coming on the heels of the delisting of nine (9) companies cut across various sectors of the NSE on May 12 2009; which the Shareholders Association is holding talks with affected companies so that its investors would not loose totally on their investments in the companies.
Adebayo while reacting to this development affirmed that some of these companies in fairness to them; had informed the ISAN prior to this time of their intention to delist from the Stock Exchange.
“Some of them have informed us ahead of time that they are even going to seek delisting on the Floors of the NSE” he said.
The Shareholder Leader further affirmed that they have advised companies like Afprint to delist from the Exchange; since they are no longer capable of holding their heads high.
“Some other companies like Afprint, we have advised them to seek delisting from the Exchange. It is not compulsory that most of the companies must be on the Exchange.
Take for instance Friesland Foods Wamco Nigeria Plc; the company is doing very well. Sometime ago, Theophilus Danjuma, Chairman of the company affirmed that they would not be listed. For WAMCO not listed on the Exchange does not mean that they are not doing well” Adebayo said.
He affirmed that there is a time for a company to retreat, and take a look at its financials and what can be done to move forward. “When you re-strategise, and things are buoyant for you and you want to come back to public consciousness, you can still list” the Shareholder Leader said.
As earlier reported, the Council of the NSE approved the immediate delisting from its Daily Official List of nine (9) companies cutting across various sectors of the NSE.
In the announcement, Mrs. Josephine Igbinosun, Secretary to Council of The Stock Exchange, explained that The Council of the NSE took the action following the expiration of the time given to the affected companies to regularise their status with the Stock Exchange.
These companies are Footwears & Accessories Plc in the Footwear Sector; Ferdinand Oil Mills Plc in the Food, Beverages & Tobacco Sector, Christlieb Plc and BCN Plc both in the Healthcare Sector.
Others are Liz-Olofin & Company Plc; Epic Dynamic Plc and Oluwa Glass Company Plc, all in the Industrial/Domestic Products, as well as Aba Textile Mills Plc and Asaba Textile Mills Plc both belonging to the Textiles Sector of the Market.