Mobil to Delist from Nigerian Stock Exchange

• Mobil to Delist from Nigerian Stock Exchange

11 Plc formerly known as Mobil Oil Nigeria Plc has announced plans to delist from the Nigerian Stock Exchange (NSE).

In a statement to the Nigerian Stock Exchange, the company said the proposal to delist from the nation’s bourse is subject to shareholders’ approval at the company’s Annual General Meeting scheduled for June 2.

Also, the company announced the decision to restructure its business by transferring its real estate unit to its hospitality unit, 11 hospitality limited, while 11 Plc will focus on downstream business.

About 11 Plc

“11 Plc, formerly Mobil Oil Nigeria plc, is a Nigeria-based petroleum products marketer. The Company has two segments: Petroleum Products Marketing and Property Business. The Petroleum Products Marketing segment generates revenue from the sale of white products and lubricants.

“The Property Business segment generates income from the rent paid on its investment properties leased out to a related party. The Company’s petroleum products include petrol, diesel, aviation fuel, kerosene and lubricants. Petrol, diesel and kerosene are sold through its service stations while lubricants are sold through the distributors. Aviation fuel is sold at Murtala Muhammed Airport.

“The Company has approximately 200 retail outlets located in over 40 states of Nigeria. The Company operates a Lube Oil Blending Plant (LOBP), which has a capacity of approximately 450,000 barrels. It owns over three plants located in Apapa, Lagos State that manufacture lubes, petroleum jelly and insecticide.”