GREIF Nigeria PLC, a manufacturer and marketer of steel drums, has disclosed that it is set to enter the third and final phase of its delisting from the Nigerian Exchange (NGX) after resolving outstanding tax liabilities and other debts.

According to its liquidator, Inam Wilson, in a notice to the NGX on September 13, 2024, Greif Nigeria Plc has successfully settled its tax liabilities and is in the process of concluding settlements on other outstanding debts and obligations.

Wilson noted that the delisting is a result of Greif Nigeria’s liquidation by the Corporate Affairs Commission (CAC).

“As part of the liquidation process, the company’s registrars, All Crown Registrars, will be engaged to facilitate the final distribution of assets to shareholders, where applicable.”

The company, which was listed on the NGX in 2011, has experienced a prolonged decline in its stock performance, dropping by 57 percent from N13 at listing to N5.45 due to increased competition and a stagnant market for steel drums.

Greif Nigeria Plc was incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited. The name was subsequently changed to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc.

The Company’s name eventually became “Greif Nigeria Plc” by a special resolution on May 12, 2004.

Greif Nigeria Plc specializes in the production and marketing of steel drums, plastic containers, and sheet metal products.

The company also provides services such as steel punching and aluminum welding.

Greif Nigeria Plc operates as a subsidiary of Greif International Holding BV.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).