NSE Delists Starcomms, Others for Flouting Post-listing Rules

Nigerian Stock Exchange (NSE) yesterday said it had delisted Starcomms and others three companies from its daily official list for non-compliance to post-listing requirements.

This was contained in a statement made available to the media in Lagos.

The other affected companies are Pinnacle Point Group Plc, Afroil Plc, and Big Treat.

The stock exchange said the affected companies failed to take any appropriate step to regularize their listing status.

“On Monday, June 23, 2014, the NSE published a notice of its intention to delist 24 listed companies arising from their non-compliance with provisions of the Listing Rules,” said the statement.

It said the notice provided a three-month window for each of the affected listed companies to regularize its listing status with the exchange.

According to the statement, one of the affected companies has fully regularized its listing status, while 19 companies have taken some steps to regularize their listing status.

The statement added that the exchange would continue to engage these 19 companies to ensure compliance with their post listing obligations.

It was gathered that market capitalisation of Pinnacle Point Group stood at N33.34 billion, Afroil N2.59 billion, Starcomms N3.54 billion, while Big Treat market capitalisation amounted to N1 billion.