The Nigeria Stock Exchange (NSE) has announced plans to delist 21 companies including some tech companies.
Tech companies to be delisted include Starcomms Plc, Mtech Plc and Daar Communications Plc and Adswitch Plc.
The delisting of MTech Technology, a company that provides ICT and electronic communications services, means investors will lose NGN4.52 billion (US$27 million), while NGN3.544 billion (US$21.5 million) will be wiped out of the capitalisation for Starcomms’ delisting.
Chief executive officer (CEO) of the NSE Oscar Onyema said: “We do have continuing listing standard and we will continue to enforce it. All we have done is to indicate companies that are going to be delisted. It does not mean that they have been delisted already, but it puts them on notice that we are very serious about this.
“I want to note that a number of shareholders have said that we are not protecting investors by the delisting. In reality, we are protecting investors by making it very clear that you cannot be a listed company and stay for two, three years without providing your financial statement. On what basis are you trading?”
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