By Dipo Olowookere
An integrated agro-allied, chemical and power group based in Onne, Rivers State, Notore Chemical Industries Plc, has said its goodbye to the Nigerian Exchange (NGX) Limited.
The shares of the company were delisted from the nation’s flagship stock exchange last Friday, almost seven years after it took the securities to the platform for trading.
In August 2018, Notore Chemical Industries listed about 1.612 billion ordinary shares on Customs Street at N62.50 per unit, boosting the market capitalisation of the bourse by N100.75 billion.
However, the organisation has not been able to improve its share price at the stock market, remaining at its listing price as of the time it exited the platform.
On Friday, July 4, 2025, the NGX informed the investing community that it has delisted the stocks of the firm. This came two weeks after trading in the company’s equities was suspended.
“We refer to our market bulletin of June 11, 2025, with reference Number: NGXREG/IRD/MB41/25/06/11 wherein the market was notified of the suspension placed on trading in the securities of Notore Chemical Industries Plc in preparation for the delisting of the company.
“Following the approval of the Company’s application to delist its entire issued share capital from Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Notore Chemical Industries Plc were on Friday, July 4, 2025, delisted from the daily official list of NGX,” the notice from the bourse stated.
Recall that in 2021, Notore shut down its fertiliser factory as part of efforts to return the company to profitability and make shareholders smile.
This action came after the organisation struggled to operate the facility, located at the Onne seaport, at its nameplate capacity of 500,000MT per annum.
The management decided to close it for a Turn Around Maintenance (TAM) so as to improve its reliability to 95 per cent, grow the cashflow of the company and boost earnings.
“The objective of the TAM is to return the plant to its 500,000MTPA nameplate capacity and improve the reliability index to 95 per cent.
“Although disruption to global businesses occasioned by the COVID-19 pandemic and its attendant restrictions by governments all over the world affected the timely delivery of procured spares and the arrival to site of Vendor Service Men (VSM), the TAM is still on course and barring any unforeseen circumstance, it should be completed on March 8, 2021.
“Upon completion, we expect a significant improvement in the plant’s reliability index and sustained daily production output of 1,500MT.
“Attaining this level of production will guaranty improved cashflow, increase in annual revenue as well as return the company to profitability,” a statement issued in January 2021 had said.
