Nigeria bourse suspends Paints and Coatings Manufacturers’ shares as firm prepares to delist
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The ordinary shares of Paints & Coatings Manufacturers Plc. have been suspended from trading on the floor of the Nigerian Stock Exchange (NSE) effective Wednesday, May 30, 2018, a market circular to all dealing members has revealed.
The circular obtained by our correspondent explained that the suspension of trading in the shares of the company is to align with the effective date for determining the shareholders who will qualify to receive the scheme shares ahead of the implementation of the voluntary delisting of the company.
The shares of the company last trading on Monday closed flat at 59 kobo per share. With outstanding shares of 792.9 million the company’s market capitalization is pegged at N467.8 million
Paints & Coatings Manufacturers Plc., incorporated in 2001 got listed on the industrial goods sector of the NSE in 2010. The company is saddled with the task of manufacturing chemicals, marine, protective, industrial, decorative and architectural coatings and paints and related products.