Nigerian Stock Exchange delists Ashaka Cement

Nigerian Stock Exchange delists Ashaka Cement: Ashaka Cement Plc was on Tuesday voluntarily delisted from the Nigerian Stock Exchange (NSE). The company had last year notified the exchange of its intention to exit. The shareholders of Ashaka Cement, who have exercised their option to exit the company prior to the delisting, will receive 57 Lafarge Africa Plc shares for 202 Ashaka shares, as well as a N2.00 per share cash consideration. (Source: Thisday)

Guinness undertakes N39.7bn rights issue: Guinness Nigeria Plc has received clearance from the Securities and Exchange Commission and the Nigerian Stock Exchange to list the new Guinness Nigeria shares on the NSE. This also followed shareholder’s approval received in January. The funds raised will support the company in executing its strategy in the context of ongoing external economic challenges, according to a statement on Tuesday. (Source: Punch)

Nigerian state oil firm says saved US$2bn with cheaper contracts: Nigeria’s state oil company has saved US$2bn in the past year by renegotiating its upstream servicing contracts, it said in a statement on Tuesday, as it tries to reduce high overheads. The Nigerian National Petroleum Corporation (NNPC) is attempting to revive the oil industry on which the country’s economy depends, and which the government relies on for roughly two-thirds of its revenue. (Source: Reuters)

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