By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said on Thursday it will commence with the delisting process of three (3) companies effective July 13, 2015.

The companies are Nigerian Sewing Machine Manufacturing Plc, Stockvis Plc and Nigeria Wire & Cable Plc.

According the NSE, the companies listed above have failed to take any steps to regularise their listing status and it will proceed with the delisting process effective July 13, 2015.

The NSE said on November 4, 2014, the Quotations Committee of the National Council of NSE granted eighteen (18) companies a period of twelve (12) months stay of action on the Nigeria’s Exchange’s delisting process to regularise their listing status.

The NSE says during the 12 month period, the companies are required to file quarterly progress reports updating it about their activities and various steps they are taking towards fulfilling their post listing obligations; which these companies failed to comply.

“The Exchange will continue to engage the remaining fifteen (1?5) companies that have taken steps towards regularising their listing statuses with a view to bringing them into compliance with their post listing obligations,” the NSE affirmed.