MRS Nigeria Limited, an oil marketing firm, has received shareholder approval to voluntarily delist its shares from the Nigerian Exchange Limited (NGX). This decision comes after an Extraordinary General Meeting held in Lagos on June 25th, 2024
.The delisting process will be overseen by the company’s Board of Directors, who are authorized to determine the timeline, handle arrangements for dissenting shareholders, and navigate necessary regulatory approvals.
Additionally, MRS will amend its governing documents to allow for share buybacks and a reduction in total share capital. This paves the way for repurchasing shares, particularly from shareholders who may disagree with the delisting.
Following the delisting, MRS Nigeria plans to transition to trading on the NASD OTC Securities Exchange.
This move ensures continued trading of the company’s shares, albeit on a platform designed for unlisted securities, while MRS remains a public limited liability company.
Source: Daily Trust