NGX Lifts Suspension of Trading in Chellarams Stocks

By Dipo Olowookere

The suspension earlier placed in the trading in the shares of Chellarams Plc has been lifted by the Nigerian Exchange (NGX) Limited.

This development was confirmed in a notice issued by the exchange to the investing community on Friday, November 12, 2021.

The embargo was removed following the filing of the outstanding financial statements of the company to the exchange.

The company had earlier failed to submit the results, which prompted the NGX to halt the trading in Chellarams stocks on its trading platform.

The suspension, which was announced on September 30, 2021, according to the disclosure, was “in line with the provisions of Rule 7.1(b): Rules for listing on the growth board of the Nigerian Exchange Limited which states 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.

“Chellarams Plc has now filed its Audited Financial Statements for the year ended March 31, 2021, and Unaudited Financial Statements for the quarter ended June 30, 2021.

“In view of Chellarams Plc’s submission of these financial statements, and pursuant to Rule 7.3 of the growth board 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 was initially notified of the suspension, that the suspension has been lifted.

“Trading licence holders and the investing public are hereby notified that the suspension placed on trading on the shares of Chellarams Plc was lifted today, Friday, November 12, 2021.”

At the close of business today, Business Post observed that the shares of Challarams remained flat at N2.24.