Tuesday, August 09, 2011 7:05 AM
The Nigeria Bottling Company’s decision to leave the Nigerian Stock Exchange (NSE) after 38 years on the mainboard raises questions regarding the attraction it holds for quoted companies, writes Anthony Osae-Brown
Come Wednesday, September 07, 2011, Nigerian Bottling Company Plc (NBC) will cease to exist as a listed company on the bourse of the Nigerian Stock Exchange (NSE); a place it had been for the last thirty-eight years (1973)
This was confirmed by the management of NBC Plc yesterday just as the board Chairman Mr. Olusegun Apata, said the final price of N47.71 per share was arrived at after consultation with institutional investors and various shareholders groups. According to him “NBC did its best to raise the pay-off from N37 per share initially proposed at the time of the notice of delisting was filed with the management of the NSE to N47. 71 per share, and we feel that the premium is huge enough.”
This represents an 11 percent premium on NBC share price of N43 on Monday.
We intend to keep the stock in a memorandum section of the site as a knowledge reference material for academics, researchers and analysts who may should find the historical records of the company a useful case study on the development of the NSE till now.