Oceanic Bank International Plc has announced plans to delist its shares from the Nigerian Stock Exchange.



This, according to the bank, is because of its ongoing merger and acquisition plans with Ecobank Transnational Incorporated Plc.



According to a notice given to shareholders of the company on Monday, the bank will be seeking the approval of its shareholders at its forthcoming Annual General Meeting to delist its ordinary shares from the NSE’s Daily Official List.



The notice added that shareholders were also expected to give approval to the plans by the bank to register the bank with the Corporate Affairs Commission as a private company.



The notice, which formed part if its special business to be considered during the AGM, stated that shareholders were to consider and if thought fit, pass the special resolutions.



The resolutions, according to the bank, include, “That the Directors be and are hereby authorised to undertake the delisting of the ordinary shares of the bank from the official list of the NSE.



“That the directors be and hereby authorised to undertake the re-registration of the bank as a private company with the Corporate Affairs Commission, and undertake such other acts as are necessary or advisable to give effect to the above.”



It added that the meeting would be held in Lagos on September 27, 2011.



Oceanic Bank had last week, said that it would transfer 40.17 per cent of its holdings to ETI, subsequent to the approval of its shareholders.



The bank had said, “The proposal will hand over 49.80 per cent of its ordinary shares to the Asset Management Capital of Nigeria, in exchange for the N290.15bn rescue package we received over the year.



A court-ordered mandatory meeting to vote on the deal would be held on September 27, the bank had said.



At the mandatory meeting, the bank will seek to reduce its share capital to N889.31m comprising 1.18 billion shares of 50 kobo each, through the cancellation of the entire paid-up capital.



Intercontinental Bank Plc, Oceanic Bank, Finbank Plc, Union Bank of Nigeria Plc and Equatorial Trust Bank Limited have signed agreements with core investors, but shareholders have yet to accept the deals


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