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MRS Oil Nigeria Plc, a leading oil marketing company controlled by billionaire businessman Sayyu Dantata, half-brother to Africa’s richest man Aliko Dangote, is seeking shareholder approval to delist from the Nigerian Exchange (NGX).
The move, disclosed in an Extraordinary General Meeting (EGM) notice filed with the NGX on Tuesday, comes after a strategic review by the company’s board. The board considered factors like regulatory burdens, administrative costs, emerging opportunities, and its strategic goals.
MRS Oil Nigeria’s strategic delisting move
MRS Oil Nigeria, with a total of 342,884,706 ordinary shares outstanding, believes delisting will enhance operational flexibility, facilitate strategic partnerships, and reduce costs, ultimately strengthening its competitive edge.
The proposed delisting is likely to involve a share buyback and capital reduction. Following a successful delisting, the board intends to seek shareholder authorization to list the company’s shares on the NASD OTC Securities Exchange.
The delisting decision comes despite MRS’s robust financial performance. Unaudited FY 2023 financials show an 80.9-percent year-over-year revenue surge to N182.3 billion ($158.5 million) from N100.78 billion ($87.62 million) in 2022, driven by rising fuel prices and global demand. Profits also skyrocketed 272 percent to N4.89 billion ($4.25 million).
Sayyu Dantata: MRS Oil’s majority stakeholder
With operations spanning various West African countries, including Benin, Togo, Cameroon, and Cote d’Ivoire, MRS Oil Nigeria presently holds the 48th position in the Nigerian Exchange, showcasing its substantial value in the regional stock market.
Sayyu Dantata, a multimillionaire businessman and the majority stakeholder in MRS Oil Nigeria, owns 60 percent of the company, equivalent to 205,730,806 shares. Through MRS Africa Holdings, Dantata ranks as one of the richest investors on the NGX.
The proposed delisting reflects MRS Oil Nigeria’s strategic realignment efforts to optimize operational efficiency, foster growth, and enhance shareholder value amidst evolving market dynamics.
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