A major brand in the construction industry, Paints and Coatings Manufacturers Nigeria (PCMN) Plc, is considering delisting from the Nigerian Stock Exchange (NSE).
A new company-Paintcom Investment Nigeria Limited is proposed to emerge after the delisting.
The company’s shareholders are scheduled to meet and vote on resolutions that will see the reversion of the company to a private limited liability company
The block divestment involved transfer of a total of 58.66 million ordinary shares of 50 kobo each held by AMCON to bizfeat ventures at a negotiated price of N1.05 per share
A Federal High Court has directed the company to convene a meeting on February 15, 2018 in Lagos, where shareholders will deliberate and vote on the scheme of arrangement for the change in the status of the company and the delisting from the NSE.
The NSE has confirmed that the company had submitted application for scheme of arrangement between the company and holders of its fully paid up ordinary shares in furtherance of the delisting.
The Asset Management Corporation of Nigeria (AMCON) recently sold the fourth largest equity in PCMN to Bizfeat Ventures Limited through a negotiated cross deal at the NSE.