By InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian Stock Exchange (NSE) will on Monday March 21, 2016 suspend trading on the shares of Vono Products Plc following court approval of the proposed merger with co-manufacturers of foam furniture and furnishings, Vitafoam Nigeria Plc.

“Dealing members are hereby notified that Vitafoam Nigeria Plc and Vono Products Plc have obtained Court’s Sanction of their Scheme of Merger effective Friday, 11 March 2016,” both firms said in a joint notice to the Nigerian Stock Exchange (NSE).

Transactions on Vitafoam will however, continue as it will become the surviving entity from the merger of the two (2) companies. “This is in line with Rule 21.1: Suspension, Cancellation and Withdrawal of Listing, Rulebook of The Exchange, 2015 (Issuers’ Rules),” according to the both merging firms.

Both companies had earlier secured their respective shareholders and Security and Exchange Commission’s (SEC’s) approval for this transaction. At the conclusion of the merger process, Vono Products will be dissolved and de-listed from the Daily Official List of NSE.