21 firms to be delisted from official list

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The quotations committee of the National Council of the Nigerian Stock Exchange has approved the delinting of 21 companies from the daily official list by September 2014.
NSE said that 16 firms will be delisted for their inability to meet up with the provisions of the listings rules of the Exchange, while five entities are being delisted for failure toregularise listing status

In the notice for the exercise, The Exchange said the 16 entities failed to file quarterly and annual financial statements as required under the listing rules.

This regulatory action is therefore necessary in order to protect the investing public from trading in the securities of entities that have provided no current information regarding their financial status.
The affected companies include Investment and Allied Insurance, Gold link Insurance, Pinnacle Point Group, Ad-switch, Afroil, Rokanna Industry, IPWA, West African Glass Industry, and Nigeria Wire & Cable.

Others are Starcomms, Daar Communications, Mtech, Big Treat,G.CappaPlc,FTN Cocoa Processing Plc and UTC Plc.
Those to be delisted for failing to regularise their listing status include Stockist, Nigeria Sewing Machines,Jos International Breweries, Capital Oil, and the Umuahia based Golden Guinea Breweries.

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