The Nigeria Stock Exchange announced that the Newrest ASL Nigeria Plc – Voluntary Delisting of the Entire Issued Share Capital of the Company from the Daily Official List of The Nigerian Stock Exchange
see the official letter from the spokesperson of the Nigeria Stock Exchange below.
Further to our market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying
Dealing Members of The Nigerian Stock Exchange’s (The Exchange) approval of the application for voluntary
delisting of the entire share capital of Newrest ASL Nigeria Plc (Newrest ASL or the Company), and subsequent
suspension of trading in the shares of the Company, please be informed that the entire issued share capital of
Newrest ASL were delisted from the Daily Official List of The Exchange, today, Monday, 13 May 2019.
This is for your information and records update, please.
Head, Listings Regulation Department
What you need to know about Newrest ASL Nigeria PLC.
The company provides catering and hospitality services to international airlines and airports in Nigeria, Kigali, and Rwanda. It operates through Lagos Inflight Catering; Abuja Operations; Airport Operations Lagos; Kigali Inflight Catering; and Oil and Gas and Other Catering segments.
The company’s services include in-flight catering, warehousing, client and specialized catering, frozen ready meals, and oil and gas catering. It operates and manages airline lounges on behalf of clients for first and business class passengers, which include operations, maintenance, Internet access, shower facilities, and bar and food services; provides trolley services.
Source : Bloomberg news.
The company’s earnings report for the quarter ending on Marck 31, 2019 came in strong. Newrest ASL generated a record sale of N 1,282,450 compared to N 1,162.150 from the previous year. The operation income came in at N 61,784 million compared to N 53.634 million a year ago. The company reported N 313.265 million in Net income ( N 0.49 per share).
The statement read in part, “Dealing
members are hereby notified that further to the Exchange’s approval of
the application for voluntary delisting of the company, the shares of
Newrest ASL were today, Wednesday, February 27, 2019, placed on full
“This suspension is required to prevent
further trading in the shares of Newrest ASL, and in order for the
company to comply with the post-approval requirements, which will
precede the final delisting of the company from the daily official list
of the Exchange.”
The NSE said the company’s application
to delist was as a result of its inability to meet up with the 20 per
cent free float requirement of the Exchange.
It said, “In line with the provisions of
Rule 1.10 of the Rules for Delisting of Equity Securities from the
Daily Official List of the Exchange, which states that ‘the issuer shall
set aside funds sufficient to purchase the interest of all shareholders
who expressed their dissent to the resolution to delist the issuer.
“Such funds shall be domiciled with a
registrar or a custodian that is duly registered by and in good standing
with the Securities and Exchange Commission.”