NSE delists African Paints, Afrik Pharmaceuticals

NSE lifts suspension on Sovereign Trust Insurance

Nigerian Stock Exchange (NSE) has delisted African Paints (Nigeria) Plc and Afrik Pharmaceuticals Plc from the secondary market.

African Paints, which deals in agro-chemicals, general chemicals and paints, was listed on the exchange in 1996, while Afrik pharmaceuticals was listed on the exchange in 1992.

A circular on the firms delisting indicated that their shares were delisted at the weekend following approval of the national council of the exchange.

The exchange explained that the firms were delisted after failing severally to comply with best practices as enshrined in post-listing requirements at the exchange.

The NSE had delisted five companies in 2017 with four of them delisted under compulsory delisting due to infractions and poor corporate governance.

The four companies included Beco Petroleum Products, Mtech Communications, Mass Telecommunication Innovation (MTI) and Utc.

Ashaka Cement, which merged with its parent company, Lafarge Africa, was delisted under voluntary delisting option.

In December 2016, the exchange had delisted six companies, including Lennards (Nigeria) Plc, P.S Mandrides & Company Plc, Premier Breweries Plc, Costain (W.A) Plc, Navitus Energy Plc and Nigerian ropes under compulsory delisting window.

Also in May 2016 compulsorily delisted eight companies, including IPWA Plc, G.  Cappa Plc, West African Glass Industries Plc (WAGI), Investment & Allied Insurance Plc, Alumaco Plc, Jos International Breweries Plc, Adswitch Plc and Rokanna Plc.

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