NGX Delists Courteville Business Solutions Plc From its Platform

The Nigerian Exchange Limited (NGX) has officially removed Courteville Business Solutions Plc’s entire issued share capital from its trading platform. This decision, detailed in the report by the Nigeria Exchange Limited (NGX), follows the company’s approved application to delist its entire issued share capital from the Nigerian Exchange Limited.

According to the NGX statement, “Following the prior full suspension on trading in Courteville Business Solutions Plc’s securities, and the subsequent approval of the delisting application, the entire issued share capital of Courteville was delisted from the Daily Official List of NGX on Friday, November 10, 2023.”

Key details to note:

The Nigerian Exchange Limited had earlier halted trading in Courteville Business Solutions’ shares in anticipation of its delisting.

Courteville Business Solutions is renowned for creating AutoReg Motor Vehicle Administration Documentation, an innovative solution automating the vehicle license registration and renewal process. Initially deployed in Lagos State in February 2007, it later expanded to other states.

At their Annual General Meeting in July 2022, the stakeholders endorsed the initiation of the delisting process, subject to NGX regulations and other statutory requirements. Necessary regulatory approvals were to be secured, and exit opportunities for shareholders who wished to opt-out before the delisting were to be provided.

The NGX explained that suspending trading in Courteville Business Solution Plc’s shares was crucial to prepare for the eventual delisting as per the Nigerian Exchange Limited’s approval. During the AGM, Adebola Akindele, the Managing Director of the company, highlighted that Courteville contemplated withdrawing from the NGX due to its diminished market share value.