For failing to submit it’s annual accounts in record time,the Nigerian Exchange Limited has notified the market of the suspension of trading in the shares of nine companies pursuant to Rule 3.1, Rules for filling of accounts and treatment of Default filing (Default filing rules) which provides that ” if an issuer fails to file the relevant account by the expiration of the Cure period. The Exchange will:
(a) Send the issuer a ” second filing deficiency notification” within 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 24 hours of the suspension”.
The nine companies are
African Alliance Insurance Plc
Niger Insurance Plc
Royal Exchange Plc
C&I Leading Plc
Mutual Benefits Ass. Plc
Coronation Ins. Plc
Premier Paints PLC
Trading in the shares of the nine companies have been suspended from the facilities of the Nigerian Exchange Limited (NGX) effective Friday 1st July 2022.
The suspension of trading in the share of these companies is sequel to the failure to file their audited financial statement’s for the year ended 31st December 2021.
In accordance withe 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 Regulations Limited (NGXRegCo) is satisfied that the accounts comply with Alla applicable rules of NGX.