Modupe Gbadeyanka
By Modupe Gbadeyanka
Trading in the shares of Goldlink Insurance Plc has resumed on the floor of the Nigerian Stock Exchange (NSE).
This followed the lifting of the suspension earlier placed on the company by the management of the stock market regulator.
In a notice to the investing public on July 5, 2017, the NSE announced placing an embargo on the equities of the insurance firm and 16 other companies.
This was because the insurer failed to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE.
The rule stipulates that if an issuer fails to file the relevant accounts by the expiration of the cure period, the NSE will first send to the issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the cure period, suspend trading in the issuer’s securities and then notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
Few days ago, Goldlink Insurance, which was one of the suspended companies, filed its outstanding Audited and Interim Financial Statements to the NSE.
As a result of the submission of the company’s outstanding financial statements and pursuant to Rule 3.3 of the default filing rules, the suspension has now been lifted, allowing investors having the firm’s stocks to begin trading them again on the nation’s bourse.
Announcing the lifting of the embargo, Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, said, “Dealing members are hereby notified that the suspension placed in the trading of the company’s shares was lifted today, Monday, February 18, 2019.”
