NGX suspends trading in Courteville shares ahead of delisting

Nigerian Exchange Limited (NGX) says it has suspended trading in the shares of Courteville Business Solutions Plc.

This was contained in its weekly report of market activities on Wednesday.

According to Lilian Dako, NGX’s head of the listings regulation department, the suspension took effect on Tuesday, October 17 2023.

NGX said: “Trading License Holders and the investing public are hereby notified that trading in the shares of Courteville Business Solution Plc (the company) was suspended today, Tuesday, 17 October 2023.”

“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from Nigerian Exchange Limited.”

Courteville’s suspension comes months after shares held by minority investors were taken over by Bows Nigeria Limited, the company’s majority shareholder.

In February 2023, Bows received approval from the Securities and Exchange Commission (SEC) to acquire 1.17 billion minority shares of Courteville — equivalent to a 32.99 percent stake — at N0.48 kobo per share.

The acquisition increased Bows’ stake in Courteville from 67.01 percent to 100 percent.

The shares were acquired after a mandatory takeover bid, following the approval for the delisting of Courteville’s securities from the Nigerian stock exchange.

It stated that the resolution for the delisting was passed by the shareholders at the 17th annual general meeting of Courteville on July 26, 2022.