Notore Chemical Industries Delists From NGX

Notore Chemical Industries Plc has delisted its entire issued share capital from the Nigerian Exchange (NGX) following a court-approved Scheme of Arrangement with its minority shareholders.

The NGX in its weekly report said, “We refer to our market bulletin of  June 11, 2025 wherein the Market was notified of the suspension placed on trading in the securities of Notore Chemical Industries Plc  in preparation for the delisting of the Company.

“Following the approval of the Company’s application to delist its entire issued share capital from Nigerian Exchange Limited, the entire issued share capital of Notore Chemical Industries Plc were on July 4, 2025, delisted from the daily official list of NGX.”

As part of the scheme, minority shareholders received N62.60 per share, and the legal and beneficial ownership of the shares was transferred to Kwararafa Africa Limited. This move marks the end of Notore’s listing tenure on the NGX, which began in 2018.

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Notore Chemical Industries was incorporated in Nigeria on November 30, 2005 to manufacture and deal in nitrogenous fertilizers and all substances suited to improving the fertility of soil and water.

The company fully rehabilitated a 500,000 metric tonne Urea Plant in Onne, Rivers State, Nigeria and commenced commercial production in the first quarter of 2010. It is a subsidiary of Notore Chemical Industries (Mauritius) Limited.

The principal activities of the Company are to manufacture, treat, process, produce, supply and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water.

Notore Chemical Industries unaudited interim financial statements for the twelve months period ended December 31, 2024 shows group revenue from contracts with customers decreased to N751.361 million in 2024, from N21.545 billion in 2023. The group’s net finance cost peaked to N161.061 billion in 2024 from a low of N91.139 billion in 2023. The group’s reported loss for the period widened to N191.214 billion in 2024 as against loss of N114.251 billion in 2023.