MRS Oil announces that Plans to Voluntarily Delist from Stock Exchange Hours After Returning to Profitability

MRS oil and gas company has revealed in its audited financial statement that it recorded a 71.2% increase in revenue to ₦312.2 billion.

The strong performance is due to increased customer demand and operational efficiencies, setting the company up for a strategic shift from public trading.

Shareholders voted to delist in May 2024, along with amending the company’s Memorandum and Articles of Association to facilitate share buybacks and reconstruction of capital. As a private company, MRS Oil aims to optimize its business effectiveness and optimize shareholder value without the regulatory barriers that accompany listing.

Market analysts believe that the move would grant MRS Oil greater autonomy in decision-making and corporate restructurings. However, there is growing interest in how the company will treat minority shareholders throughout the transition.

MRS Oil’s exit from the NGX is one of a broader trend of Nigerian companies reconsidering their listing on the stock exchange because of shifting market dynamics and regulatory problems.

The Nigerian Exchange and stakeholders are to keep a close eye on the delisting process, with more details to be given in weeks to come.