Global Spectrum Energy Services Plc, an integrated oil & gas offshore support vessel services provider, has reported that the Nigerian Exchange Limited has halted trading in its shares.
This information was disclosed in the NGX’s weekly report.
Global Spectrum Energy Services Plc’s stock was not traded on Tuesday, according to NGX.
“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from Nigerian Exchange Limited,” the NGX said.
The energy service provider stated that the decision to delist from the Nigerian capital market was reached on February 28, 2022, at a meeting of the board of directors of Global Spectrum Energy Services Plc, in a notice signed by the organization’s secretary, Adetola Raheem.
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The board of directors of the firm then recommended voluntary delisting in a written resolution dated March 24, 2022, it was reported.
The company did not stipulate the reasons for the decision to voluntarily delist from the Nigerian Exchange Limited.
Established in 2006 as a limited liability company, Global Spectrum joined the NGX in November 2017 by listing 800 million ordinary shares of 50 Kobo each at N5 per share on the exchange’s main board.
Its unaudited financial statement for the third quarter report for the period ending September 2022, showed that the company’s revenue grew to N851.16m from N506.05m recorded in the same period in the previous year.
Its total comprehensive income for the quarter appreciated to N54.36m from N37.48m recorded in the July-September 2021 financial period.
The company provides integrated offshore support services such as maritime security, logistics, engineering services, and more.
Story adapted from Punch
