NGX Suspends Trading in the Shares of Rak Unity Petroleum | Learn Why

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The management of NGX Regulation Limited (NGX RegCo) has announced to all Trading License Holders and the investing public that it has suspended trading in the shares of Rak Unity effective Monday, 26th July 2021 to ensure a smooth winding-up process.

The proposed voluntary winding up of RAK Unity Petroleum Company has been approved by shareholders of the organisation.

The major distributor of petroleum products in Nigeria announced the folding up of the company at its 18th Annual General Meeting (AGM) held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos.

RAK Unity Petroleum

“Further to the approval of the shareholders of Rak Unity Petroleum Plc (Rak Unity) at its Annual General Meeting which was held on 4 June 2021, authorizing the Company to commence the process of voluntarily winding up the Company and in accordance with Section 622 of Companies and Allied Matters Act (CAMA) 2020 which states that “A voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up.”

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According to the notification made available to Brand Spur, this is in line with Section 624 of CAMA 2020 which provides that “A transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void.”

In its 2021 FY results, Rak Unity Petroleum Company Plc reported total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier. The company saw its operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY.

The company reported a loss after tax of N63.02 million in 2020 compared to an N14.52 million loss after tax in 2019 while it reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019. No dividend announcement was made in their press release. The company share price of N0.30 is unchanged YTD.

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