Nigerian Exchange (NGX) Limited has delisted a total of 3.223 shares of Tourist Company of Nigeria Plc and Union Homes Savings & Loans Plc from its trading platform.
The Companies’ shares were officially delisted effective on January 31, 2025. This action follows a review that found both companies operating below the listing standards required for continued presence on the Exchange.
As at December 2024, Tourist Company of Nigeria has 2.246 billion shares with market capitalization of N5.616 billion, while Union Homes Savings & Loans has 976.563 million with market capitalisation of N2.949 billion.
The delisting means that the securities of these firms are no longer available for trading on the NGX, as they have failed to meet regulatory requirements necessary to sustain their listing status. The move aligns with NGX’s commitment to maintaining a high standard of corporate governance, transparency, and investor protection within the market.
NGX stated, “trading license holders and the investing public are notified that pursuant to the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on the Exchange, which states that it has the right to suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the Issuer from the daily official list upon failure of the Issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the Exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It added that the securities of the two Companies have been delisted from the facilities of Nigerian Exchange on the grounds that they are operating below the listing standards of NGX, and their securities are no longer considered suitable for continued listing and trading in the market.
Cowry Assets Management Limited said “the removal of these entities reflects the Exchange’s strict compliance with listing rules, ensuring that only companies meeting financial, operational, and disclosure requirements retain their positions on the bourse.
“Therefore, investors holding shares in these companies may need to explore off-market avenues for potential transactions or await further announcements regarding any corporate restructuring efforts.”
