Notore Chemical Industries Plc has officially concluded arrangements to delist its shares from the Nigerian Exchange Limited (NGX), following the implementation of a court-approved Scheme of Arrangement involving the company and its minority shareholders.
In a notice issued to the NGX, the company confirmed that the delisting aligns with the provisions of Section 715 of the Companies and Allied Matters Act (CAMA), 2020 (as amended), as well as other applicable regulatory frameworks governing corporate restructurings.
The move transitions Notore from a publicly traded company to a privately held entity, in line with decisions taken by the board and majority shareholders to reposition the company for long-term operational efficiency and capital restructuring.
As part of the Scheme of Arrangement, minority shareholders are entitled to receive a Scheme of Consideration for their holdings in the company.
The delisting marks the end of Notore’s listing tenure on the NGX, a period during which the company engaged in the production and marketing of fertilisers and other agro-allied products, contributing significantly to Nigeria’s agricultural value chain.
The Members of Notore Chemical Industries Plc at the Court-Ordered Meeting held on Thursday March, 27, 2025 in Lagos State proposed and adopted among others that as consideration for the transfer of the Scheme Shares (as defined in the Scheme Document), each Scheme Shareholder (as defined in the Scheme Document) shall receive N62.60 per Scheme Share held by such Scheme Shareholder; and as a result of the Scheme, the legal and beneficial ownership of the Scheme Shares be transferred to Kwararafa Africa Limited
Market analysts view the exit as part of a broader trend of realignments by listed entities seeking operational flexibility outside the public market, amid evolving economic and regulatory landscapes.