By Dipo Olowookere
The suspension placed in the trading of shares of Guinea Insurance Plc by the Nigerian Exchange (NGX) Limited has been lifted.
The embargo was removed after the underwriting firm filed its 2023 audited results as required by the listing rules.
Guinea Insurance was one of the companies suspended by the bourse for failing to submit its audited financial statements to give the investing community overview of its performance to help in their investment decisions.
After doing the needful, investors are now allowed to trade the company’s securities on the NGX trading platform.
The suspension was lifted last Monday in a notice to the investing community.
“In view of the company’s submission of its 2023 AFS, 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 Guinea Insurance Plc was lifted on Monday, August 12, 2024,” the notice said.
Recall that on July 8, 2024, the NGX had in a bulletin with Reference Number: NGXREG/IRD/MB35/24/07/08 announced the suspension of the firm from its trading platform.
This was in line with the provisions of 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 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.