MRS Oil Opts Out Of NGX Listing For NASD

MRS Oil Nigeria Plc has concluded arrangements for the voluntary delisting of all its issued shares from the Nigerian Exchange Limited (NGX) and subsequent admission to the NASD OTC Securities Exchange (NASD).

MRS company secretary, Oluwakemi Jafojo , in a notification to the NGX, said this decision follows the approvals granted by the company’s shareholders at the Extraordinary General Meeting (EGM) held on June 25, 2024, in accordance with applicable regulations.

“In accordance with Rule of NGX’s rules for delisting of equity securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements, the company will, in furtherance of the Voluntary Delisting, purchase the interests of shareholders who were absent from the EGM or dissented to the Voluntary Delisting (the Payout). The effectiveness of this Payout remains subject to the final approvals of the Securities and Exchange Commission (SEC) and NGX,” the company said.

It added that, “key terms of the payout as approved by SEC are as follows: the Company shall comply with NGX regulations by setting aside the necessary funds to settle dissenting and absentee shareholders; the Registrars shall maintain the Account for a period of three months, during which eligible shareholders who wish to exit the Company may claim their entitlements; after the three months period, shareholders who have not opted for the payout shall be migrated to the NASD platform and any unclaimed funds shall revert to the Company; the Registrars shall submit a detailed report to the SEC, listing the shareholders who have exited and have received payment.”

MRS Oil Nigeria Plc, as at March 28, 2025, has total outstanding shares of 342.885 million with a stock price N174.90, amounting to a market capitalisation of N59.971 billion.

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MRS Oil assured stakeholders that the delisting process will comply with all requisite regulatory approvals from the Securities and Exchange Commission (SEC) and the NGX.

The company emphasised that this strategic move will enable it to focus on long-term growth strategies without the constraints of public listing requirements.

MRS Oil Nigeria released its audited full-year financial results for 2024, reporting a 71.2 per cent surge in revenue to N312.2 billion. The revenue growth was driven by higher petroleum product prices throughout most of 2024, despite a reported decline in sales volumes.

The company also reported a pre-tax profit of N9.8 billion, representing a 66 per cent year-on-year increase, even as rising costs of sales continued to pressure gross margins.