MRS Oil Plc has announced that it will seek shareholders' permission to remove itself from the Nigerian Exchange Limited.
The company filed a notice to the NGX after Tuesday's extraordinary general meeting (EGM), during which it disclosed its plan for delisting.
According to the notice attached to the EGM notice, MRS Oil Plc's Board of Directors concluded a strategic review of its status. The assessment considered the company's anticipated long-term financial and operational growth trajectory, regulatory obligations, administrative and compliance costs, emerging opportunities, and changing market conditions.
It has also been reported that the company issued 342,884,706 common shares.
"Amongst other benefits, it is expected that the Voluntary Delisting will allow the Company to more efficiently strategise for the improved performance of its operations, provide the flexibility to nimbly engage in transactions and alliances which could bolster its earnings and add significant value to the Company while curtailing its costs and staying competitive within its industry," the notes affirmed.
It is expected that a share buyback and share capital reduction will be used to carry out the deal.
It was also disclosed that the board would ask shareholders for permission to list the company's shares on the NASD OTC Securities Exchange following the voluntary delisting from the NGX.
Read more: https://www.investingport.com/mrs-oil-plc-plans-to-take-a-bow-as-it-moves-to-delisting-from-ngx/
