CCNN Suspends Trading of Shares for Three Weeks

By Dipo Olowookere

The board of Cement Company Northern Nigeria (CCNN) Plc is preparing to submit the financial statements of the firm for the period ended September 30, 2019.

A statement from the cement company on Thursday said ahead of this, its board of directors would be having a meeting to approve the results before filing them with the Nigerian Stock Exchange (NSE).

According to the notice, during the meeting scheduled for Thursday, October 24, 2019, the board would consider the Unaudited Financial Statements for the third quarter of the year.

As a result of this development, CCNN has announced a closed period from Thursday, October 10, 2019 and could last up to three weeks. The firm said those restricted from buying and selling the company’s shares would only begin to do this until 24 hours after the earnings are released to the public on or before October 31, 2019.

“Cement Company of Northern Nigeria PLC has entered a closed trading period from October 10, 2019 until 24 hours (1 day) after the management financial results for the period ended September 30, 2019 are released to the public on or before October 31, 2019, after which the trading in securities by the affected persons can resume,” the statement signed by the Company Secretary/Lega1Adviser, Mr Ahmed Aliyu.

According to CCNN, “The closed period is applicable to directors, managers and other related and interested parties that may be privileged to have sensitive information, which may materially affect the price of the securities of the company.”

It further said it took this step “pursuant to the post-listing requirements of the Nigerian Stock Exchange for listed companies.”

Business Post reports that sitting as Chairman of CCNN is Nigerian billionaire businessman, Mr Abdulsamad Rabiu, the owner of leading conglomerate, BUA Group.

CCNN is one of the major players in the cement industry in Nigeria and has a very strong presence in the north. The firm plans to expand its operations across countries having borders with the northern part of the country.