The Nigerian Enamelware Plc has notified the Nigerian Exchange and the investing public of the cancelation of the proposed bonus of 3 new shares for every 2 shares held.
At the 62nd Annual General Meeting (AGM) of the company in November 2022, shareholders had authorised the company to convert the N214.76 million debt owed l.Feng Company Limited into 42.95 million ordinary shares and that the company is authorized to allot and issue bonus shares to its shareholders.
The Securities and Exchange Commission (SEC) however declined the share conversion and the bonus issues transactions thereby affecting the conclusion of the transaction.