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NSE Delists Newrest ASL, Suspends First Aluminium’s Shares

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Egypt Stocks
  • NSE Delists Newrest ASL, Suspends First Aluminium’s Shares

The Nigerian Stock Exchange has delisted Newrest ASL Nigeria Plc from its daily official list.

The NSE, in a notice to investors dated May 13, 2019, said the entire issued share capital of the company was delisted from the daily official list of the Exchange on Monday, further to the market bulletin of February 27, which notified dealing members of the Exchange’s approval of the company’s application for voluntary delisting and subsequent suspension of trading in its shares.

The bourse approved Newrest ASL’s voluntary application to delist from the daily official list of the Exchange on February 27 and fully suspended trading in its shares.

It said in a statement that the suspension was required to prevent further trading in the shares of the company to enable it to comply with the post-approval requirements, which would precede the final delisting of the company from the daily official list of the Exchange.

The NSE added that the company’s application to delist was as a result of its inability to meet up with the 20 per cent free float requirement of the Exchange.

The notice read in part, “In line with the provisions of Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of the Exchange, the company’s stockbroker has informed the Exchange that it has opened and deposited sufficient funds to settle minority shareholders in an escrow account with Zenith Bank Plc to be managed by Meristem Registrars Limited.”

In a similar development, the NSE suspended trading in the shares of First Aluminium Plc ahead of voluntary delisting of the entire issued share capital of the company from the daily official list of the Exchange.

The NSE notified dealing members that in preparation for the voluntary delisting of the issued share capital of First Aluminium, Apel Asset Limited, on behalf of First Aluminium, had requested that the issued share capital of the company be placed on suspension.

It said, “In view of the above, the shares of the company will be placed on suspension effective Wednesday, May 15, 2019.

“Dealing members will be notified of further developments regarding the delisting of the company.”

First Aluminium had earlier explained to shareholders that the current illiquidity nature of the capital market rendered the primary corporate objective of its listing to raise capital and provide liquidity unattainable.

It said it was seeking a voluntary delisting from the main board of the NSE as there had been little or no trading activity on the shares held by the minority shareholders over the last seven years.

The company said neither it nor any shareholder was benefitting from the continued listing on the NSE.

It said, “The majority shareholders (with over 75 per cent shareholding) are the promoters of the transaction and the majority shareholders wish to offer other shareholders (the minority shareholders) the opportunity to either remain shareholders of the unlisted company or accept a consideration for their shares, which the majority shareholders are willing to purchase.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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