Nigerian Stock Exchange suspends trading in 7-Up shares

By Tonye Peterside
George Osodi/Bloomberg via Getty Images

The Nigerian Stock Exchange, NSE, has announced the suspension of trading in shares of 7-Up Bottling Company Plc.

According to a suspension notice dated January 12, the NSE said trading in the shares of 7-Up Bottling Company Plc has been placed on full suspension.

The notice, signed by Godstime Iwenekhai, Head, Listings Regulation Department, said the suspension was necessitated by the need to ascertain the company’s majority shareholder.

“The suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A (“Affelka”), to acquire all outstanding and issued shares of 7-Up Bottling Company Plc that are not currently owned by Affelka,” the NSE said in its notice.

It explained that the company’s shareholders passed a resolution to this effect at the Court Ordered Meeting of the company held on Thursday, January 11.

The scheme will result in the voluntarily de-listing of 7-Up Bottling Company Plc from the Daily Official List of The Exchange, the notice said.

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