NIGERIA – The board of directors of 11 Plc says following has approved the proposal for the oil firm to voluntarily delist from the Nigerian Stock Exchange.
The company, in a statement, said that its decision to exit the Nigerian bourse would be subject to shareholders’ approval at the next annual general meeting slated for June 3.
Punch Nigeria reported that as a result of the move, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan to offer shareholders.
The oil company is also seeking to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, a new subsidiary of the company.
This according to 11plc would ensure optimum return on investment while at the same time creating room for 11 Plc to concentrate more on the downstream sector of its business.
11 Plc reported a 19.3 percent decline in profit before tax from N11.646bn (US$32.11m) in 2018 to N9.3bn (US$25.64m) in 2019.
The company’s revenue, however, grew by 13.2 per cent to N141.511bn (US$390.21m) from N125.042bn (US$344.80m) recorded during the same period in 2018.
11 Plc has approximately 200 retail outlets located in over 40 states of Nigeria. Its petroleum products include petrol, diesel, aviation fuel, kerosene and lubricants.
The Company operates a Lube Oil Blending Plant (LOBP), which has a capacity of processing approximately 450,000 barrels.
It also owns over three plants located in Apapa, Lagos State that manufacture lubes, petroleum jelly and insecticide.