The Nigerian Stock Exchange (NSE) has delisted one of Nigeria’s oldest and largest conglomerates, AG Leventis (Nigeria) Plc, closing more than four decades of public listing at the stock market.
Although reports have it that the delisting came on the heels of a request for voluntary delisting after AG Leventis’ core investors pushed through a plan to buy out minority shareholders, AGL was said to have been under regulatory watch-list for failing to meet the minimum free float requirement for its listing category. The company has a free float of 11.64 percent, that’s 8.36 percent below the 20 percent free float for companies listed on the mainboard.
The Leventis family, which remains the majority core investor in the conglomerate with some 88 percent controlling shareholdings, had launched a process and succeeded in buying out minority shareholders in order to implement a turnaround programme.
Incorporated in Nigeria as a private limited liability company in 1952, converted to a public limited liability company, and listed on the Nigerian Stock Exchange in 1978, AG Leventis Group consists of eight subsidiaries, three associates and three Joint Ventures, all of which were incorporated in Nigeria.
The group’s operations span the wide gamut of the economy from foods and beverages to automobiles, real estate, hotels, general trade, and merchandise.