The Nigerian Exchange Limited (NGX) has delisted the entire issued share capital of Courteville Business Solutions Plc from its platform.
This was contained in the Nigeria Exchange Limited (NGX) report seen by Nairametrics.
This follows the approval of the company’s application to delist its entire issued share capital from the Nigerian Exchange Limited (NGX).
According to NGX in a statement,
“We refer to our market bulletin of October 17, 2023, with reference number NGXREG/LRD/MB49/23/10/17, wherein the market was notified of the full suspension placed on trading in the securities of Courteville Business Solutions Plc (Courteville or the Company) in preparation for the delisting of the company.
Following the approval of the company’s application to delist its entire issued share capital from the Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Courteville was delisted from the Daily Official List of NGX on November 10, 2023.
The Nigerian Exchange Limited had suspended trading in the shares of an e-business solution company, Courteville Business Solutions, ahead of its planned delisting from the exchange.
This was disclosed in a notice by the NGX Regulation to trading license holders and the investing public.
Courteville Business Solutions created AutoReg Motor Vehicle Administration Documentation, a solution that enables the automation of the vehicle license registration process and renewal system.
AutoReg was deployed first in Lagos State in February 2007 and subsequently in other states of the federation.
At its Annual General Meeting in July 2022, the stakeholders of the company resolved that
“The Directors of the Company be and are hereby authorized to commence the process of voluntary delisting of the securities of the Company from Nigerian Exchange Limited, subject to the applicable rules of NGX and compliance with other statutory requirements.
“That all relevant regulatory approvals from the Securities and Exchange Commission, Nigerian Exchange Limited, the Federal High Court, and the Federal Competition & Consumer Protection Commission be obtained in respect of 9(a) above, and shareholders, who so elect, should be given an exit opportunity before the security is delisted.”
The NGX said that trading in the shares of Courteville Business Solution Plc becomes “necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from Nigerian Exchange Limited.”
Speaking at the AGM, the group’s managing director, Adebola Akindele, said that the company considered pulling out of the NGX due to its low market share value.