11 Plc, formerly Mobil, to delist from NSE after 43 years of trading
February 10
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The company has been trading on the stock market for 43 years.
In a notice published on the stock exchange website on Tuesday, the company said the aim of delisting is to explore strategic opportunities, alliances and collaborations that can bolster earnings and provide synergized benefits.
“11 Plc will be able to focus on revenue generation, consider strategic opportunities, alliances & collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the Nigerian Stock Exchange must adhere to,” it said.
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According to the notice, a resolution was passed at the annual general meeting that held on October 14, 2020, to delist the 360,595,262 ordinary shares of the company listed on the stock exchange.
Oil giant, ExxonMobil Corporation is offering its 60 per cent stake in Mobil Oil Nigeria Plc for sale.
A statement from the organisation at the weekend noted the 60 per cent stake is being sold to Nipco Plc, which is a local downstream oil and gas firm in the country.
Nipco Plc was incorporated on January 8, 2001 as a private limited liability company and was known as IPMAN Petroleum Marketing Company Limited.
However, the report added that Mobil Oil Nigeria was also incorporated as a private limited liability company in 1951 and later, converted to a public limited liability company in 1978.
Mobil Oil Nigeria’s shares were listed on the Nigerian Stock Exchange (NSE) in 1979. Mobil Oil Nigeria is a subsidiary of Mobil Oil Corporation, now ExxonMobil Corporation, which owns a 60 per cent equity stake in the company.