NSE delists Afroil, Poly Products, Pinacle Point
The Nigerian Stock Exchange has announced that the shares of Afroil Plc, Poly Products Plc and Pinacle Point Group Plc will be delisted from its daily official list delisting for reasons of non-compliance with the listing rules.
The announcement was contained in a statement posted on the Exchange's website on Tuesday.
The NSE said that Poly Products would be delisting its shares voluntarily due to harsh economic climate, while Pinacle Point Group would be delisting as a result of its ongoing liquidation process.
The statement noted that seven other companies were in the process of restructuring to regularise their post-listing status on the NSE.
According to the statement, the companies slated for restricting are Union Dicon Salt Plc, Rokanna Industries Plc, West African Glass Industries Plc, Jos International Breweries Plc, Stokvis Nigeria Plc, Nigeria Sewing Machine Plc and Aluminium Manufacturing Company of Nigeria Plc.
Only last month, the NSE announced the delisting of African Aluminium Plc and Nigerian Wire Industries Plc from its daily official list.
The NSE said that the delisting was part of its regulatory activities to protect the market and ensure that companies complied with the rules of the Exchange.