…to reduce market cap by N252bn
Notore Chemical Industries Plc has received the approval of the Nigerian Exchange Limited (NGX) to delist voluntarily from the Exchange. Notore Chemical Industries Plc had applied to the NGX for voluntary delisting of its entire 4,030,165,500 ordinary shares from the daily official list of the NGX. Notore Chemical Industries Plc listed by introduction on the Nigerian Stock Exchange (NGX) since August 2, 2018. Its delisting will reduce the NGX market capitalisation by N252billion.
Vetiva Securities Limited and Lighthouse Capital Limited are stockbrokers while Vetiva Advisory Services Limited and Lighthouse Capital Limited are issuing house(s)/financial adviser(s) for the voluntary delisting which got the NGX approval on June 3, 2025.
Notore Chemical Industries Plc had on November 21, 2024 notified the Nigerian Exchange Limited (NGX), the investing public and its stakeholders that the Company received an offer from Kwararafa Africa Limited, acting along with TY Holdings Limited and Notore Chemical Industries (Mauritius) Limited (together, the “Core Shareholders”), to acquire all the shares being held by the minority shareholders in Notore.
The transaction was proposed to be implemented by way of a Scheme of Arrangement (the “Scheme’’) between the Company and its shareholders in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended), and other applicable laws.
The effectiveness of the Scheme was subject to the approval of the Securities and Exchange Commission (SEC), the Scheme Shareholders at the Court-Ordered Meeting, as well as the sanction of the Federal High Court.
The Members of Notore Chemical Industries Plc at the Court-Ordered Meeting held on Thursday March, 27, 2025 in Lagos State proposed and adopted among others that as consideration for the transfer of the Scheme Shares (as defined in the Scheme Document), each Scheme Shareholder (as defined in the Scheme Document) shall receive N62.60 per Scheme Share held by such Scheme Shareholder; and as a result of the Scheme, the legal and beneficial ownership of the Scheme Shares be transferred to Kwararafa Africa Limited.
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At the Court-Ordered Meeting, the shareholders approved for the Board of Directors of the Company to notify the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX) and the Central Securities Clearing System Plc (CSCS) of the Scheme of Arrangement and request the cessation of trading in the shares of the Company with effect from the Eligibility Date (as defined in the Scheme Document) and no trading or transfer of the Company’s shares shall be registered after that date.
Notore Chemical Industries Plc was incorporated in Nigeria on November 30, 2005 to manufacture and deal in nitrogenous fertilizers and all substances suited to improving the fertility of soil and water. The company fully rehabilitated a 500,000 metric tonne Urea Plant in Onne, Rivers State, Nigeria and commenced commercial production in the first quarter of 2010. It is a subsidiary of Notore Chemical Industries (Mauritius) Limited.
The principal activities of the Company are to manufacture, treat, process, produce, supply and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water.
Notore Chemical Industries Plc unaudited interim financial statements for the twelve months period ended December 31, 2024 shows group revenue from contracts with customers decreased to N751.361million in 2024, from N21.545billion in 2023. The group’s net finance cost peaked to N161.061billion in 2024 from a low of N91.139billion in 2023. The group’s reported loss for the period widened to N191.214billion in 2024 as against loss of N114.251billion in 2023.
The subsidiaries of the company are: Notore Supply and Trading Mauritius Limited, Notore Power Limited, Notore Foods Limited, Notore Seeds Limited, Notore Industrial City Limited, Notore Supply and Trading Limited BVI and Notore Train II Limited. Except Notore Power and Infrastructure Limmited, all the subsidiaries are nonoperating as at the reporting date.
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