JUST IN: NSE suspends trading in shares of six Nigerian companies

The Nigerian Stock Exchange (NSE) on Monday suspended trading in the shares of six listed companies.

The companies were suspended after they failed to file details of their accounts to the Exchange as stipulated by market regulations.

The six companies are DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.

In a notice signed by Godstime Iwenekhai, head of Listings Regulation Department, the NSE said the decision was pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).

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

The NSE, therefore, said effective Monday, trading in the shares of the six companies remains suspended.

You may also like:  Forte Oil reports N61.8 billion revenue in first half 2018

“In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” the notice said.

Ads Blocker Detected!

We show Ads on Ajibotic.com to help fund its maintenance. Ad revenue is only Our Source Of Income. If you like our News Website  please support our efforts by allowing ads on our site.

Thank You!

Close