Lagos — Formerly Mobil Oil Nigeria Plc, 11 Plc said it is looking to voluntarily delist from the Nigerian Stock Exchange, NSE.
In a memo to Bourse on Tuesday, it said the decision was after its board of directors held a meeting on the 27th of February.
According to the memo, the firm, however, said the decision is subject to shareholders’ approval at its next annual general meeting in June.
In line with the NSE rules, shareholders will then have 90 days window on voluntary delisting to decide on the exit plan on offer.
The proposal said it looked to delist on a proposal to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, the new subsidiary of the company for optimum return on investment while 11 Plc will concentrate more on downstream sector of the business.
The Board also appointed Senator Daniel Aluko as its independent non-executive director with effect from February 27, 2020.