The JSE looks set to lose another listed company after Brikor, the manufacturer and supplier of building, construction, and mining materials, said it plans to delist.The company, which provides essential materials for housing, residential, commercial and civil engineering projects, said on Friday it will offer its shareholders 17c apiece for their shares and then delist from the stock exchange.In terms of the proposed scheme of arrangement, Brikor will buy back a maximum of about 116.1-million shares for a total consideration of R19.7m.The board said that in the current operating environment and given the illiquidity of the Brikor shares, it believes the company no longer warrants a listing on the JSE. It added that it can no longer justify the costs and administrative burden of a listing relative to its benefits.The scheme requires approval from at least 75% of shareholders at a general meeting.Brikor will issue a circular containing the full terms and conditions of the scheme and a notice to convene a general meeting of shareholders to consider the scheme within 20 working days.The Brikor board has constituted an independent board of directors, who have appointed Acacia Cap Advisors to provide it with external advice to assess the offer and make the necessary recommendations to shareholders. Once the scheme is implemented, the listing of all the Brikor shares on the AltX Board of the JSE will be terminated.Earlier this month the group advised shareholders that it expected to report a headline loss per share of between 1c and 1.2c for the year to end-February, after a profit of 0.5c a year ago. The company’s share price closed at 13c on Thursday.Business Day