MRS Oil Plc’s board of directors has secured shareholder approval to voluntarily delist from the Nigerian Exchange Limited (NGX).

At an Extraordinary General Meeting (EGM) in Lagos, shareholders overwhelmingly supported the delisting plan.

However, some minority shareholders expressed concerns about the proposed buyout, advocating for the option to sell or remain with the company as it transitions to the NASD OTC Securities Exchange.

The board of directors explained that the decision followed a strategic reassessment of the company’s status, considering factors such as regulatory obligations, administrative costs, emerging opportunities, market conditions, and long-term growth prospects.

The voluntary delisting aims to enable the company to optimize its operations, engage in strategic transactions, and enhance earnings while reducing costs and staying competitive.

Upon completion of the delisting process, MRS Oil Plc’s shares will be listed on the NASD OTC Securities Exchange, providing a more flexible and efficient platform for the company’s growth and development.