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Airtel Listing Postpones, Conoil Resumes Trading



Airtel Financial Results
  • Airtel Listing Postpones, Conoil Resumes Trading

The Nigerian Stock Exchange (NSE) has postponed the listing of Airtel Africa Plc on the bourse, saying there were requirements and processes yet to be met and completed by the company.

In a statement released on Friday, NSE said: “The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019.

“This postponement was necessitated by the need to ensure that the company meets all the post -NSE approval pre-requisites for listing on the NSE.

“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019.”

The stock exchange later said it would provide further information on Airtel Africa when all conditions for the listing had been met.

Mr Oscar Onyema, the Chief Executive Officer, NSE, said there were processes yet to be followed by the firm.

He said, “This is a highly-regulated matter; there are back-end processes that need to be followed by the company. As soon as all that is done, we will announce the new date of the listing; as of now, we have no date in mind.”

Meanwhile, the Nigerian Stock Exchange has stated in a notice that it had lifted trading suspension placed on shares of Conoil Plc.

The notice read in part, “Conoil Plc, which was one of the 11 companies that were suspended, has now filed its audited financial statement for the year ended December 31, 2018 to the Exchange.

“In view of the company’s submission of its audited financial statements and in pursuant to Rule 3.3 of the default filing rules.

“Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July 5, 2019.”

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