NGX Delists Tourist Company, Union Homes Savings

They were delisted from the stock exchange last week over their alleged failure to meet listing requirements, a notice from the bourse disclosed.

According to the notice from Customs Street, Tourist Company of Nigeria and Union Homes Savings did not fully comply with the rules of the trading platform, necessitating their removal.

The NGX said its decision to chase the duo away from its platform was in compliance with the listing rules, and as a result, shareholders of the affected firms will not be able to trade securities of the two organisations on the nation’s flagship stock market.

“Trading License Holders and the investing public are hereby notified that pursuant to the provisions of Clause 14 of the Amended Form of General Undertaking, for listing on Nigerian Exchange Limited General Undertaking, which states that:

“The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer from the daily official list of the exchange with or without prior notice to the Issuer, upon failure of the issuer to comply with any one or more of the provisions of this general undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted;

“The securities of the two companies below have been delisted from the facilities of Nigerian

Exchange Limited (NGX) effective Friday, January 31, 2025, on the grounds that they are operating below the listing standards of NGX, and their securities are no longer considered suitable for continued listing and trading in the market: Tourist Company of Nigeria Plc, and

Union Homes Savings and Loans Plc,” the notice stated.