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Delayed filing: Stock exchange suspends trading of 17 company

The Nigerian Stock Exchange, (NSE), has suspended trading of stocks of 17 companies for non-filling of their financial results with the exchange. The suspension was…

The Nigerian Stock Exchange, (NSE), has suspended trading of stocks of 17 companies for non-filling of their financial results with the exchange.

The suspension was in pursuant to Rule 3.1 which has to do with filing of accounts and treatment of default filing, rulebook of The Exchange.

The rule states that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension.”

In an announcement on the NSE website, the affected companies are: African Alliance Insurance Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Guinea Insurance Plc, Premier Paints Plc, Resort Savings & Loans, Sovereign Trust Insurance Plc, and African Paints (Nigeria) Plc. The rest are Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, Omatek Ventures Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc and Universal Insurance Company Plc.

According to the announcement, the suspension would only be lifted upon the submission of the relevant accounts, provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. 

 

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