Presco Resumes Stock Trading as NGX Lifts Suspension

By Dipo Olowookere

The suspension earlier placed on Presco Plc, which prohibited the trading of its shares by investors, has been lifted, Business Post has confirmed.

In a disclosure obtained by this newspaper, it was gathered that the embargo was removed from the company on Thursday, August 3, 2023.

Presco was one of the companies banned from trading their shares on the Nigerian Exchange (NGX) Limited last month for failing to file their financial statements.

In a circular signed by the Head of Listings Regulation Department at the NGX, Mr Godstime Iwenekhai, it was disclosed that the organisation has done the needful, prompting the lifting of the suspension.

As a result, normal trading activities on the stocks of Presco resumed today, and at the close of business, it closed flat at N220 per unit, after trading 506,071 units worth N100.6 million in 103 deals.

“We refer to our Market Bulletin dated 11 July 2023 with Reference Number: NGXREG/LRD/MB26/23/07/11 wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Presco Plc (Presco or the Company) for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), which provides that: If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, 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; 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.

“Presco Plc, whose securities were suspended on 11 July 2023, has now filed its outstanding financial accounts.

“In view of the Company’s submission of the outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.

“Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Presco Plc was lifted today, 3 August 2023,” the disclosure read.