Business NSE Delists 9 Companies From Stock Market [See LIST]

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The Nigerian Stock Exchange (NSE), has delisted nine companies from its operations between January and October for mostly failure to comply with regulations.

Delisting involves removal of listed securities of a company from a stock exchange where it is traded on a permanent basis.

Data obtained from the Exchange indicates that

The companies include

1. IPWA Plc,

2. G. Cappa,

3. West African Glass Industries,

4. Investment & Allied Insurance,

5. Alumaco

6. Jos International Breweries,

7. Adswitch, Rokanna and 8. Vono Products Nigeria Plc.

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Eight of the companies were delisted for regulatory issues, while Vono Products was delisted because of its merger with Vitafoam.

Uche Uwaleke, head of banking and finance department, Nasarawa State University, Keffi, said that breach of post listing requirements, failure to pay the annual listing fee or a company in liquidation were the major reasons for delisting of companies.

Uwaleke said that non-submission of audited and unaudited reports as required by the Exchange increased the chances of delisting.
 
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