Nigerian Exchange Limited Delists Arbico-Plc Shares From Daily Official List (Details)

The Nigerian Exchange Limited (NGX) has announced the delisting of Arbico Plc shares from its Daily Official List, following the company’s application for the delisting of its entire issued share capital….CONTINUE READING

According to the Exchange’s Weekly Report, the delisting of Arbico Plc shares took effect on Monday, May 20, 2024, following the approval of the company’s application for delisting.

Shareholders of Arbico Plc had previously approved the voluntary delisting of the company’s issued and fully paid-up ordinary shares at an Extraordinary General Meeting held on March 21, 2024, in Kuto, Abeokuta.

The delisting process involves the acquisition of shares held by dissenting shareholders by the majority shareholder, with exit consideration distributed to dissenting shareholders according to the rules of the Nigerian Exchange Limited on delisting.

Arbico Plc, a Nigerian construction and civil engineering company, has faced financial challenges in recent years, transitioning from profitability to substantial losses in the latest fiscal year.

Despite recording an increase in revenues to N19.5 billion in 2023 from N8.45 billion in the previous year, Arbico Plc reported a loss after tax of N1.08 billion in 2023, compared to a profit of N358.16 million a year earlier.

The decision to delist may offer Arbico Plc a pathway to restructuring and refocusing its business model amid its financial challenges. The majority shareholder, R28 Ltd, owned by Nigerian billionaire Chief Kensington Adebutu, holds approximately 69.97% of the shares, with AOG Ltd owning 10% and the remaining 20% owned by various Nigerian investors.

Arbico Plc closed its last trading day on Tuesday, April 16, 2024, at N1.03 per share on the Nigerian Stock Exchange (NGX).

Published By: Destiny.Jnr