NGX Set to Lose a Listed Company Worth N2.2 Billion

The Nigerian Exchange Limited (NGX) is about to lose a listed company trading on the local bourse following its proposed voluntary delisting from the Exchange.

The Company, Global Spectrum Energy Services Plc, has recently filed application to voluntarily de-list from the exchange subject to approval by its shareholders.

Currently, Global Spectrum Energy is contributing a total of N2.2 billion to the NGX market capitalisation of N27.914 trillion with its 800 million shares outstanding at N2.75 per share as at Friday June 17.

What the Company is saying:

“This is to inform Nigerian Exchange Limited (The “Exchange”) and the investing public that pursuant to meeting of the Board of Directors of Global Spectrum Energy Services Plc (“The Company”) held on Monday, 28th February 2022, and the subsequent written resolution of the board dated 24th March 2022, the Board of Directors of the Company recommended the voluntary delisting of the Company from the Exchange to the shareholders.

“We hereby notify the Exchange that the Company intends to file an application to voluntarily delist the Company from the Exchange, subject to the approval of shareholders at the Annual General Meeting (AGM) of the Company.

“The AGM is scheduled to hold on Wednesday, 20th July 2022. The shareholders shall consider the Board’s recommendation to voluntarily de-list the Company.”

Global Spectrum Energy Services Limited is into maritime security, logistics, energy and engineering services.