MRS Oil Plc Plans to take a bow as it moves to delisting from NGX

MRS Oil Plc has announced that it will seek shareholders' permission to remove itself from the Nigerian Exchange Limited.

The company filed a notice to the NGX after Tuesday's extraordinary general meeting (EGM), during which it disclosed its plan for delisting.

According to the notice attached to the EGM notice, MRS Oil Plc's Board of Directors concluded a strategic review of its status. The assessment considered the company's anticipated long-term financial and operational growth trajectory, regulatory obligations, administrative and compliance costs, emerging opportunities, and changing market conditions.

It has also been reported that the company issued 342,884,706 common shares.

"Amongst other benefits, it is expected that the Voluntary Delisting will allow the Company to more efficiently strategise for the improved performance of its operations, provide the flexibility to nimbly engage in transactions and alliances which could bolster its earnings and add significant value to the Company while curtailing its costs and staying competitive within its industry," the notes affirmed.

It is expected that a share buyback and share capital reduction will be used to carry out the deal.

It was also disclosed that the board would ask shareholders for permission to list the company's shares on the NASD OTC Securities Exchange following the voluntary delisting from the NGX.

According to MRS Oil's unaudited financial statements for the year that ended in December 2023, the company's profit increased by 272% to N4.89 billion, while revenue increased by 80.90% to N182.31 billion from N100.78 billion in 2022 due to a spike in fuel prices and rising global demand. 

About MRS Oil Nigeria Plc (Website)

MRS Oil Nigeria Plc markets and distributes a range of refined petroleum products and lubricants in Nigeria for the automotive, industrial, and aviation sectors. Fuel products include petroleum motor spirit, automotive gas oil, dual-purpose kerosene, aviation kerosene, and low-pour fuel oil. 

The company also sells a range of high-quality lubricants for petrol and diesel engines and greases manufactured and distributed out of a state-of-the-art proprietary blending facility located at Apapa. 

The Aviation division sells aviation turbine kerosene. MRS Oil Nigeria Plc operates through 138 company-owned retail outlets and about 255 third-party-owned outlets. Formerly known as Chevron Oil Nigeria Plc, the company changed its name to MRS Oil Nigeria in 2009. MRS Oil Nigeria Plc is a subsidiary of MRS Africa Holdings Limited. The company's head office is in Lagos, Nigeria.

MRS Oil Nigeria Plc is listed on the Nigerian Stock Exchange