NGX Delists Tourist Company Of Nigeria, Union Homes For Non-Compliance With Listing Standards
The Nigerian Exchange Limited (NGX) has officially delisted Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc from its trading platform, effective Friday, January 31, 2025.
This action follows the companies’ failure to meet the required listing standards, rendering their securities unsuitable for continued trading in the market.
The delisting is in line with Clause 14 of the Amended Form of General Undertaking for Listing on NGX, which grants the Exchange the authority to suspend or delist any issuer’s securities if it determines that continued listing is against public interest or if the issuer fails to comply with regulatory requirements.
According to NGX, the decision was made after thorough regulatory assessments revealed that both companies were operating below the Exchange’s listing standards.
The move aligns with the Exchange’s commitment to maintaining market integrity, investor protection, and compliance with regulatory best practices.
The delisting of Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc means that their shares will no longer be available for trading on the NGX platform.
Investors holding shares in these companies may need to seek alternative avenues for disposing of their investments or await further updates from the affected companies regarding potential restructuring or off-market transactions.
With the removal of these securities from the NGX Daily Official List, affected shareholders are advised to engage with the companies directly for guidance on the next steps, including any possible share buyback arrangements, over-the-counter trading options, or liquidation proceedings.
Market analysts suggest that this development reinforces NGX’s zero-tolerance approach to non-compliance, ensuring that only companies that meet regulatory and governance standards remain publicly traded.
NGX Delists Tourist Company Of Nigeria, Union Homes For Non-Compliance With Listing Standards is first published on The Whistler Newspaper
