MRS Oil Plc Unveils Plan to Delist from Nigerian Exchange Limited


MRS Oil Plc has disclosed intentions to seek shareholders’ approval for its delisting from the Nigerian Exchange Limited, as outlined in a notice of Extraordinary General Meeting filed with the exchange on Tuesday.

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The decision to pursue delisting stems from a strategic reassessment conducted by the company’s Board of Directors, considering various factors such as regulatory obligations, administrative costs, emerging opportunities, market conditions, and projected long-term financial growth.

The company’s issued shares currently stand at 342,884,706 ordinary shares.

According to accompanying notes to the EGM notice, the voluntary delisting is expected to offer several benefits, including enhanced operational performance, increased flexibility for engaging in strategic transactions, and cost containment measures to maintain competitiveness within the industry.

The delisting process is set to involve a share buyback and share capital reduction.

Upon completion of the delisting from the Nigerian Exchange Limited, the board intends to seek shareholders’ approval to list the company’s shares on the NASD OTC Securities Exchange.

In its unaudited financial statements for the year ended December 2023, MRS Oil reported significant growth in revenue, soaring by 80.90% to N182.31 billion from N100.78 billion in 2022. This surge was attributed to rising fuel prices and increasing global demand. Additionally, the company’s profit surged by 272% to N4.89 billion in 2023, reflecting its robust performance amidst market dynamics.

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