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11 Plc To Delist From Stock Exchange

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6 years ago
in Business, News
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The board of directors of 11 Plc, (formerly Mobil Oil Nigeria Plc) has announced the approval of a proposal, for the downstream operator to voluntarily delist from the Nigerian Stock Exchange (NSE).

The company in a statement stated that its decision to exit the Nigerian bourse would be subject to shareholders’ approval at the next annual general meeting slated for June 3, 20120.

In line with the NSE rules, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan to offer shareholders.

According to the statement, the board approved a proposal for the company to transfer its real estate business unit to 11 Hospitality Limited, a new subsidiary.

“Also, with the recent acquisition of Lagos Continental Hotel from AMCON, the new subsidiary will be focused on increasing return on real estate investments, while 11 Plc will focus on driving revenue from petroleum products marketing and distribution.”

In 2017, the new owners of Mobil Oil Nigeria, took on a new name for the on-going and future operations of the business, with the company becoming 11 Plc.

The name change is coming within a year of the successful completion of the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc, in a deal worth N90 billion and one of the biggest in the downstream sector in recent years.

Looking at 11 Plc’s second quarter ended June 30, 2019, showed that sales stood at N46.7 billion, were up 14 percent year on year, driven by improved sales across all key categories. The 11 Plc also posted liquefied petroleum gas sales of N316 million. In the first half of the year, the firm reported the LPG sales of N608 million.

However, Q2 profit before tax and profit after tax both declined by 21 percent year-on-year to N3.2 billion and N2.1 billion respectively, primarily driven by a gross margin contraction of 228 basis points year-on-year to 8.3 percent, completely offsetting a four percent year-on-year decline in operating expenses. Additionally, other income fell by 12 percent year-on-year to N2 billion.

Ahead of the AGM in June 2020, capital market analysts expected the market price to appreciate as investors bid in anticipation of a higher exit price.

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