By Dipo Olowookere
Ahead of its planned voluntary delisting, the Nigerian Stock Exchange (NSE) has announced the suspension of trading on the shares of Paints and Coatings Manufacturers Nigeria (PCMN) Plc on its platform.
Earlier this year, shareholders of the company had given their approval for the delisting of PCMN shares from the stock exchange as well as conversion of the firm into a private limited liability company.
This followed a directive to the paint maker by a Federal High Court sitting in Lagos to convene a meeting on February 15, 2018 in Lagos, where shareholders are to deliberate and vote to approve a scheme of arrangement for the change in the status of the company and the delisting from the NSE.
Recently, an agency set up by federal government to acquire distressed firms in the country, Asset Management Corporation of Nigeria (AMCON), sold the fourth largest equity stake in PCMN to Bizfeat Ventures Limited by transferring its 7.4 percent equity stake in PCMN to Bizfeat Ventures through a negotiated cross deal at the NSE.
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.
Yesterday, the stock market regulator, NSE, explained that it was suspending trading on the shares of PCMN Plc in line with the effective date for determining the shareholders who will qualify to receive the scheme shares ahead of the implementation of the voluntary delisting of the company.
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