Breaking news: ASL Nigeria Plc delists from the Nigeria stock exchange

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.

Godstime Iwenekhai

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 suspension.

“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.”

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