NSE: Paints & Coatings, Avon Crowncaps begin delisting process

Paints and Coatings Manufacturers Nigeria Plc and Avon Crowncaps & Containers (Nig.) Plc will soon be delisted from the daily official list of the Nigerian Stock Exchange (NSE).

Individual company regulatory documents from the NSE, signed by the Acting Head of Listings Regulation Department, Godstime Iwenekhai said that a scheme of arrangement between both companies and holders of their fully paid up ordinary shares of 50k each, will lead to the delisting of both companies entire shares from the NSE.

Iwenekhai confirmed that Paints and Coatings have, through its Stockbroker; Meristem Securities Limited, submitted an application for a Scheme of Arrangement between the company and holders of its fully paid up ordinary shares of 50k each.

He said the Scheme would lead to the delisting of the entire shares of Paints and Coatings Manufacturers Nigeria Plc from The Daily Official List of The Exchange.

For Avon Crowncaps & Containers (Nig.) Plc, a like mannered application for a Scheme of Arrangement between the company and holders of its fully paid up ordinary shares of 50k each, was also submitted through its Stockbroker; Integrated Trust & Investments Limited, leading to the entire shares of Avon Crowncaps & Containers (Nig.) Plc being delisted from The Daily Official List of The Exchange.

…as Tranex to expand logistics business with N238.6bn rights’ issue

Trans-Nationwide Express Plc (Tranex) has informed its shareholders that its rights’ issue, which opened on Monday, July 24, 2017, is being undertaken to raise capital for business expansion, to set the company on a growth trajectory in the logistics sector.

Tranex is a wholly owned Nigerian logistics company engaged in domestic and international express delivery, haulage, freight and other ancillary transportation and storage services.

The company, in a statement published on the official website of the Nigerian Stock Exchange on Friday, also informed shareholders that the above-referenced rights issue of 298.23 million ordinary shares of 50 kobo each at 80 kobo per share is on the basis of three (3) new ordinary shares for every two (2) ordinary shares held as at the close of business January 25, 2017.

Tranex Managing Director/CEO, Chidinma E. Iheme encouraged shareholders to take advantage of this unique opportunity to increase their holdings in the Company.

She said the rights issue, billed to close on Wednesday, August 30, 2017, will further enhance shareholders’ profitability.

Afolabi Adesola