By Modupe Gbadeyanka
The suspension earlier placed on the shares of Universal Insurance Plc by the Nigerian Stock Exchange (NSE) has now been lifted.
With this, investors and shareholders having equities of the insurer in their portfolio can now transact them on the floor of the exchange.
Universal Insurance received the hammer on its head over its failure to submit its audited accounts to the NSE within the required speculated time.
The insurance company was one of the firms suspended by the regulatory agency over the abover issue.
However, some days ago, the company finally submitted its Audited Financial Statement for the year ended December 31, 2017.
As a result of this, the suspension has been lifted and its shares can subsequently be traded at the stock market.
In a statement issued on Monday by the NSE and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, it was disclosed that, “The general public is hereby notified that the suspension placed in the trading of the company’s shares has been lifted effective today, July 30, 2018.”
Business Post reports that on July 5, 2018, eight companies listed on the local bourse were suspended for non-compliance with 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 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.”
Adedapo Adesanya