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Market Digest Nigeria

Business

Ex-Mobil Oil Nigeria to delist from NSE

Shareholders of 11Plc, formerly Mobil Oil Nigeria Plc, have approved a resolution for the voluntary delisting of the downstream oil marketing company from the Nigerian Stock Exchange.

At the Annual General Meeting (AGM) in Abuja, shareholders authorised the Board of Directors to delist the shares of the company from the main board of the NSE.

Shareholders also approved the transfer of the real estate portfolio of the oil company to a wholly owned subsidiary, 11 Hospitality Limited.

The meeting also approved distribution of N2.975 billion as cash dividend for the 2019 business year, representing a dividend per share of N8.25.

NIPCO Investments Limited had in March 2017 took over the 60 per cent majority equity stake of ExxonMobil Oil Corporation in Mobil Oil Nigeria Plc in a $301 million acquisition deal.

ExxonMobil and Nipco had in October 2016 executed a sale and purchase agreement (SPA) to sell the former’s majority equity stake of 60 per cent in Mobil Oil Nigeria (MON) to Nipco, an indigenous oil and gas company.

NIPCO subsequently changed the name of Mobil Oil Nigeria to 11 Plc, which is pronounced as double one.

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