MRS Oil Nigeria Plc, with a market capitalisation of N60 billion, has announced its decision to voluntarily delist all issued shares from the Nigerian Exchange Limited and transition to the NASD OTC Securities Exchange.
As of Friday, the company’s total outstanding shares stood at 342,884,708.00, with the stock closing at N174.9 per share.
According to a statement issued on NGX, the decision was approved at an Extraordinary General Meeting held on June 25, 2024. The move aligns with NGX’s regulatory requirements, specifically Rule 1.10 and Rule 1.13(f), concerning the delisting of equity securities from the official daily listing of the exchange.
To ensure a seamless transition, MRS Oil Nigeria Plc has developed a payout plan for shareholders who were either absent from the EGM or opposed the delisting. The company has allocated necessary funds to compensate dissenting shareholders under specific terms.
“The company will maintain a dedicated account through its registrars for three months to facilitate payouts. Shareholders wishing to exit can claim their entitlements between April 4 and July 4, 2025. After this deadline, any remaining shareholders will be migrated to the NASD platform, while unclaimed funds will revert to the company. Additionally, the registrars will submit a detailed report to the Securities and Exchange Commission, outlining shareholders who have exited and received payments,” the statement reads.
The effectiveness of the delisting and payout plan remains subject to final approvals from the SEC and NGX. MRS Oil Nigeria Plc has advised shareholders and the investing public to exercise caution when dealing in its shares until the delisting process is officially concluded.
Meanwhile, the company’s financial results for 2024 show a significant increase in profitability. After-tax profit surged to N6.49 billion in 2024 from N4.08 billion in 2023. Revenue also saw a substantial rise of 71 percent, reaching N312 billion from N182 billion. The growth was primarily driven by the sale of Premium Motor Spirit, which accounted for 87 percent of the company’s turnover, fueled by price increments.
Earnings per share improved to N18.95, up from N11.81 in the previous year, reflecting the company’s strong financial performance amidst market transitions.
