The Nigerian Stock Exchange is set to delist nine firms from the Daily Official List for non-compliance with the post-listing rules of the Exchange.

This announcement was made in a statement by the Exchange on Friday.

It said, “The Council of the NSE at its meeting of Thursday May 31, 2012 approved the regulatory delisting of the following companies due to their persistent non-compliance with the post-listing rules of the Exchange.

“The companies are Udeofson Garment Factory (Nig) Plc; Lennards Nigeria Plc; Union Dicon Salt Plc; W.A. Glass Industry Plc; Capital Oil Plc and Hallmark Paper Product Plc.

“Others are Rokana Industries Plc; Nigerian Wire Industries Plc and Aluminium Manufacturing Company of Nigeria Plc.”

The notice added that with effect from August last year, trading in the shares of the affected companies had already been suspended.

It added, “The companies would be delisted effective three months from the date of this notice, this serves as a notice to investors in these companies.

According to the NSE report for the week ended August 24, 2012,Flour Mills of Nigeria Plc. notified the Exchange that it had acquired a controlling interest in Thai Farm International Limited (Thai Farm).

The announcement noted that this was part of the company’s plan to expand its business interests in the Nigerian agricultural sector and to further confirm the company’s unalloyed support for the Federal Government’s Agricultural Transformation Agenda having already commenced major agro-allied investments in other significant areas.

The report noted that by the acquisition therefore, flour Mills would be able to ensure consistency in quality, availability and affordability of High Quality Cassava Flour.

It said, “Flour Mills believes that additional investment is urgently required to increase Thai Farm’s capacity in order to meet the growing need for HQCF by flour millers in Nigeria. Thai Farm will be provided with strong support to enable it diversify into the production of other value adding items like starch and sweeteners.

“More importantly, this backward integration investment is a demonstration of Flour Mills’ belief in the Government’s agricultural Transformation Agenda and a firm commitment to the creation of jobs for the teeming youths of Nigeria and enhancement of values for farmers.”

Source: Punch/Udeme Ekwere