NIGERIA – The board of directors of 11 Plc says following has approved the proposal for the oil firm to voluntarily delist from the Nigerian Stock Exchange.
The company, in a statement, said that its decision to exit the Nigerian bourse would be subject to shareholders’ approval at the next annual general meeting slated for June 3.
Punch Nigeria reported that as a result of the move, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan to offer shareholders.
11 Plc reported a 19.3 percent decline in profit before tax from N11.646bn (US$32.11m) in 2018 to N9.3bn (US$25.64m) in 2019.
The company’s revenue, however, grew by 13.2 per cent to N141.511bn (US$390.21m) from N125.042bn (US$344.80m) recorded during the same period in 2018.
The Company operates a Lube Oil Blending Plant (LOBP), which has a capacity of processing approximately 450,000 barrels.
It also owns over three plants located in Apapa, Lagos State that manufacture lubes, petroleum jelly and insecticide.