The NGX Regulation Limited has suspended trading in the shares of four listed companies on the Nigerian Exchange due to the failure of the issuers to file relevant accounts.
This was disclosed in a Market Bulletin NGXREG/LRD/MB23/21/07/02 on Friday to Trading License Holders and the investing public.
According to the Exchange, trading in the shares of the four listed companies below has been suspended from the facilities of the Nigerian Exchange Limited (the Exchange) effective today,
- African Alliance Insurance Plc (NGX: ARFINSURE)
- Niger Insurance Plc (NGX: NIGERINS)
- Royal Exchange Plc (NGX: ROYALEX)
- The Tourist Company of Nigeria Plc (NGX: TOURIST)
The Exchange said the suspension is in “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides 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.”
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“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
