By Dipo Olowookere
The Nigerian Stock Exchange (NSE) has lifted the suspension it earlier placed on trading in the shares of FTN Cocoa Processors Plc.
With the embargo now removed, investors can now buy and sell securities of the company on the floor of the local bourse.
The NSE had suspended the firm from trading its equities because it failed to release its financial statements as required by the listing rules.
“We refer to our Market Bulletin dated October 8, 2018 notifying the public of the suspension of six listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules),” a statement issued today said.
The said rules say “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.”
According to the NSE, FTN Cocoa Processors Plc, which was amongst the companies suspended, has submitted its outstanding audited and interim financial statements to the exchange.
“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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; the general public is hereby notified that the suspension placed in the trading of the company’s shares was lifted today, November 9, 2018.”
Adedapo Adesanya