Newrest ASL Nigeria PLC to delist from the Nigerian Stock Exchange

Aviation services company, Newrest ASL Nigeria PLC, has given hint of its plans to seek voluntary delisting of all its shares from the Daily Official List of The Nigerian Stock Exchange and from trading on the Main Board of the Exchange.

Newrest Airline Services & Logistics PLC (ASL), which was established in 1996 as Airline Services & Logistics Plc before changing to its current name in 2016, provides catering and related services to airlines operating in Nigeria. It became a publicly quoted company on the Nigerian Stock Exchange (NSE) in July 2007.

The company gave indication of its plans in a notification to the Exchange on January 31, 2019, signed by LPC Solicitors, the Company Secretary.

In the brief statement, the company stated that decision to delist was reached during an extra-ordinary general meeting in Lagos on January 29, 2019.

The statement read: “At the Extraordinary General Meeting (“EGM”) of Newrest ASL Nigeria Plc (“Newrest ASL” or “the Company”), duly convened and held on January 29, 2019, at Golden Tulip Hotel, Amuwo Odofin, Lagos.

The members of the Company resolved as follows:

That pursuant to the recommendation of the Board of Directors of the Company (hereinafter referred to as “the Board”) dated 18′” December, 2018 consent is hereby accorded to the Board, by the members of the Company, to seek voluntary delisting of all the shares of the Company from the Daily Official List and from trading on the Main Board of The Nigerian Stock Exchange where the shares of the Company are currently listed, subject to the Listing Rules of The Nigerian Stock Exchange and all other applicable laws.

That the Board be, and is hereby authorized to do all such acts, deeds, matters, and delegations that may be required for giving effect to the above resolution.”