The board of directors of 11 Plc says following its meeting held on February 27, it has approved the proposal for the oil firm to voluntarily delist from the Nigerian Stock Exchange.
The company, in a statement obtained from the NSE, noted that its decision to exit the Nigerian bourse would be subject to shareholders’ approval at the next annual general meeting slated for June 3, according to the notice filed at the Exchange.
In line with the NSE rules, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan to offer shareholders.
In addition to this, the oil company also sought to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, a new subsidiary of the company, for optimum return on investment, whilst 11 Plc would concentrate more on the downstream sector of its business.