The Nigerian Exchange (NGX) has delisted the issued share capital of Global Spectrum Energy Services (GSES) Plc.

The Board of Directors of GSES had last year secured shareholders’ approval to seek voluntary delisting of the company’s shares from the NGX, barely five years after it was listed.

The NGX at the weekend confirmed the delisting, stating that the entire issued share capital of the company had been delisted in line with the voluntary delisting request.

Authorities at the NGX had earlier approved the voluntary delisting, after efforts to convince the company to remain on the Exchange failed.

GSES is one of the indigenous offshore support vessel companies operating in the marine security and GSES had in 2017 listed its total outstanding issued share capital of 800 million ordinary shares of 50 kobo each at N5 per share.

The shares were listed by way of introduction. The listing added N4 billion to the total market capitalisation at the Exchange and had further deepened the exposure of the market to the midstream and upstream oil and gas sectors.

The special window of listing by introduction allows companies without previous initial public offerings to list their shares while retaining opportunity to float initial public offering (IPO).