MRS Oil Plc has revealed plans to seek shareholders’ approval to delist from the Nigerian Exchange Limited.
This plan was revealed in a notice of Extraordinary General Meeting filed with the exchange on Tuesday.
The accompanying notes to the EGM notice said the Board of Directors of the company arrived at the plan having undergone a strategic reassessment of the company’s status, particularly considering regulatory obligations, administrative and compliance costs, emerging opportunities, evolving market conditions and the trajectory of projected long term financial and operational growth.
The issued shares of the company comprised a total of 342,884,706 ordinary shares.
“Amongst other benefits, it is expected that the Voluntary Delisting will afford the Company the opportunity to more efficiently strategise for the improved performance of its operations, provide the flexibility to nimbly engage in transactions and alliances which could bolster its earnings and add significant value to the Company whilst curtailing its costs and staying competitive within its industry,” the notes affirmed.
The deal is expected to be executed via a share buyback and share capital reduction.
It was also revealed that upon the conclusion of the voluntary delisting from the NGX, the board would be seeking shareholders’ approval to admit the company’s shares on the NASD OTC Securities Exchange.
In its unaudited financial statements for the year ended December 2023, MRS Oil grew its revenue by 80.90 per cent to N182.31bn from N100.78bn in 2022, driven by a surge in fuel prices and increasing global demand and its profit rose by 272 per cent to N4.89bn in 2023. https://punchng.com/mrs-oil-profit-grows-by-272-to-n5bn/