MRS Oil Nigeria Set to Exit Stock Exchange 55 Years After Listing

By Lydia Oluremi

MRS Oil Nigeria Plc, a major fuel marketing company, is on track to exit the country’s stock exchange 55 years after listing.

The company said on Friday that it had 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.

“This decision follows the approvals granted by the company’s shareholders at the Extra-ordinary General Meeting held on June 25, 2024, in accordance with applicable regulations,” it said. “In accordance with Rule 1.10 and Rule 1.13 (f) 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 effectiveness of the payout remains subject to the final approvals of the Securities and Exchange Commission and NGX, according to the statement.

MRS Oil Nigeria, formerly known as Texaco Nigeria Limited, was listed on the stock exchange on January 1, 1970.