By InvestAdvocate

Lagos (INVESTADVOCATE)-The Quotations Committee of Management at the Nigerian Stock Exchange (NSE) Monday considered and approved the planned delisting of the Nigerian Bottling Company Plc (NBC) from its Daily Official List.

This is coming on the heels of placing the shares of the Company on full suspension Thursday August 25 2011 by the Nigeria’s Exchange in preparatory to delist it from the Nigerian Bourse.

With this approval and going by earlier reports, NBC Plc, producers of Coca Cola will on Wednesday September 07 2011 be delisted from the NSE’s Daily Official list and would cease to exist as a listed Firm in Nigeria.

As earlier reported, on December 14 2010, NBC issued a notice through the NSE informing the public and its shareholders that it is planning to delist from the Nigeria’s Exchange in order to emerge a wholly owned subsidiary of its majority shareholder, Coca-Cola Hellenic Bottling Company of South Africa through a proposed scheme of arrangement.

The proposed Scheme of Arrangement (“Scheme”) between the Company and its members is expected to involve a cancellation of part of its share capital; such that the Company would become a wholly owned subsidiary of its majority shareholder, Coca-Cola Hellenic Bottling Company S.A. (“Hellenic”).

As a result of this development, NBC offered investors a cash payment of N43.00 per NBC share as consideration to the minority shareholders. However, this was changed to N47.71 per share payoff; when Shareholders began agitations to stop the Company from delisting in order not to make them lose on their investments after about 38 years; since 1973 the Company has existed in Nigeria.

Also, NBC said that its planned delisting from the Nigeria’s Exchange is for the Company to make a N45 billion strategic investment within the next three years, take advantage of the emerging business opportunities in Nigeria and seek recapitalisation.