Delisting: IHS Nigeria Shares on Full Suspension

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The shares of IHS Nigeria Plc, telecom services firm has been placed on full suspension on the floor of the Nigerian stock exchange (NSE) in Lagos Nigeria with effect from (today) February 27, 2014.

The company in a notice to the Nigerian bourse and made available to InvestAdvocate said through its Stockbroker – Atlas Portfolios Limited that it has obtained a court sanction in respect of its scheme of arrangement.

IHS said as a result of the court sanction, its share price has been placed on full suspension with effect from (today) Thursday February 27, 2014 to enable it complete the scheme of arrangement which will result in the delisting of its shares from the daily official list (DOL) at the Nigerian bourse.

Late January 2014, the phone tower company said it has won shareholders approval to go private and will pay $118 million to buy out equity holders.

IHS Nigeria owns and manages base stations and towers that transmit mobile phone signals for telecom operators in Africa.

The company is paying 4.35 naira per share to buy back its shares from shareholders.

However, the institutional investors in IHS Nigeria include South Africa’s Investec Asset Management, Nigeria’s Skye Bank Plc, private equity firm Emerging Capital Partners, Dutch Development Bank and Wendel.

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