The Nigerian Exchange (NGX) has delisted from its platform the issued share capital of Global Spectrum Energy Services (GSES) Plc.
BrandNewsDay reports that the delisting of Global Spectrum Energy was a sequel to the application by GSES for voluntary delisting from the platform.
The Board of Directors of GSES had last year secured shareholders’ approval to seek voluntary delisting of the company’s shares from the NGX, barely five years after it was listed.
The NGX at the weekend confirmed the delisting, stating that the entire issued share capital of the company had been delisted in line with the voluntary delisting request.
Authorities at the NGX had earlier approved the voluntary delisting after efforts to convince the company to remain on the Exchange failed.
The delisting was a major turnabout for GSES, which had premised its listing in 2017 on its ambitious expansion plans aimed at tapping the huge untapped opportunities in its specialised area of operation.
GSES is one of the indigenous offshore support vessel companies operating in marine security and GSES had in 2017 listed its total outstanding issued share capital of 800 million ordinary shares of 50 kobo each at N5 per share.
The shares were listed by way of introduction. The listing added N4 billion to the total market capitalisation at the Exchange and further deepened the exposure of the market to the midstream and upstream oil and gas sectors.
The special window of listing by introduction allows companies without previous initial public offerings to list their shares while retaining the opportunity to float an initial public offering (IPO).
GSES was incorporated in 2006 as an integrated oil and gas servicing company. The company’s operations span many oil and gas-producing areas in West Africa. The company’s services include complimentary maritime security, logistics, energy and engineering