The Nigerian Stock Exchange (NSE) has announced the delisting of the entire issued share capital of First Aluminium Nigeria Plc.

This was made known in a statement by the NSE on Tuesday.

The NSE said the move followed the suspension of trading in the shares of the company in preparation for the voluntary delisting.

In April, First Aluminium Nigeria Plc explained its decision to delist from the stock market, saying its shareholders were not benefiting from the continued listing and were not getting exit opportunities.

The company also said that its shares have continued to trade at a significant discount to the intrinsic value.

In a notification to the NSE, the company said over the last seven years, there has been little or no trading activity on the shares held by the minority shareholders.

Subsequently, in its market bulletin of 13 May, the Nigerian bourse notified dealing members of planned delisting of the company’s share capital from the Daily Official List. On Wednesday, it announced the completion of the process.

“Please be informed that the entire issued share capital of First Aluminium Nigeria Plc were delisted from the Daily Official List of The Exchange today, Wednesday, 31 July 2019,” said the NSE in its statement, signed by Godstime Iwenekhai, the head of Listings Regulation Department.

The company was listed in the daily official list of the Nigerian Stock Exchange in 1992.

The NSE services the largest economy in Africa and is championing the development of Africa’s financial markets.

On its website, the exchange said it continues to evolve in order to meet the needs of its valued customers and to achieve the highest level of competitiveness. It is an open, professional and vibrant exchange, connecting Nigeria, Africa, and the world, it added.