11 Plc, formerly known as Mobil Oil Nigeria Plc has started trading on the NASD OTC Securities Exchange, opening up new window for secondary market transactions.
The NASD OTC Securities Exchange is the government-approved over-the-counter (OTC) platform for trading in unlisted public companies.
NASD assured of an orderly and transparent market for shares to be traded, noting that once there is transparency, investors have some comfort in the type of transactions taking place.
NASD can also, by its structure and rules open securities to trade between 24 and 48 hours, with its only requirement being that the securities being introduced are registered at Securities and Exchange Commission (SEC) and complies with the capital market regulations,” NASD stated.
NASD pointed out that OTC platform has been created for securities that are not listed on any other securities exchange providing a secure regulated platform for Investors to trade on them.
11 Plc had delisted its shares from the Nigerian Exchange (NGX) Limited, ending its 42-year listing on a regular stock exchange. The high-profile delisting shaved off more than N82 billion from the market capitalisation at the NGX.
11 Plc had opted for voluntary delisting after its new owners pushed through shareholders delisting programme as part of restructuring of the downstream oil company.
The NGX stated at the weekend that it delisted the entire share capital of 11 from its Daily Official List in line with the approval of the shareholders of 11 to delist the petroleum company