Data from the Nigerian Stock Exchange shows that six companies were among the entities and securities delisted from the official trading list between April and December 2013.
The exercise started with the Nigerian Bag Manufacturing Company Plc on April 11, 2013 followed by Crusader Nigeria Plc was removed from the official trading list on May 13, 2013.
West African Aluminium Products Plc and Nigeria Wire Industries Plc, were both delisted on June 3 while First City Monument Bank Plc was delisted from the banking sub-sector on June 24, 2013 and went on to become a part of the new holding company, FCMB Group Plc.FCMB Group Plc is however listed on the NSE under the other financial services sub-sector of the financial services sector.Poly Product Plc was the last company to be delisted from the NSE last year. It voluntarily exited the Exchange on December 12 due to harsh economic climate, according to the NSE.
The delisting of four other companies had not been completed by the end of the year.The companies include Pinnacle Point Group Plc, which is in the process of liquidation, and Afrik Pharmaceutical Plc, which is being delisted by the Exchange for noncompliance with post-listing obligations.The Tourist Company of Nigeria Plc is undergoing voluntary delisting due to Free Float deficiency, while AdswitchPlc is being voluntarily delisted due to harsh economic climate.
As for the securities, the Crusader (Nigeria) Plc Zero Coupon Convertible Bond was delisted on February 15, while up to seven Federal Government of Nigeria bonds, which were due in 2013, were delisted as well.They are the 5.5 per cent FGN FEB 2013 bond (delisted on March 1, 2013); 15 per cent FGN MAY 2013 bond; 16 per cent FGN JUN 2013 bond (delisted on July 1) and 12.74 per cent FGN OCT 2013 bond (delisted on November 1).
While the 3.75 per cent +NTB RATE FGN SEP 2013 bond was delisted on October 2, the 10.50 per cent FGN NOV 2013 bond and the 10.98 per cent FGN NOV 2013 bond were both delisted on November 2.