Dipo Olowookere
By Dipo Olowookere
The suspension earlier placed on Coronation Insurance Plc, which prevented shareholders of the company to trade their shares, has now been lifted.
This removal of the embargo on the trading in shares of Coronation Insurance was announced by the Nigerian Exchange (NGX) Limited in a circular dated Monday, August 1, 2022.
This action comes exactly a month after the suspension was announced to the investing public.
The insurance company was among the nine publicly-quoted firms suspended by the stock exchange’s management over the failure of their respective board of directors to submit the companies’ financial statements as required by the listing rules.
The underwriting organisation did not file its results for the 2021 financial year and the first quarter of this year and after being given the grace to submit the documents and failed, the hammer landed on its head.
However, the financial results have now been submitted, prompting the NGX to inform the market of the development and the lifting of the embargo.
Business Post reports that trading in the stocks of Coronation Insurance has now resumed and at the close of business today, the price was down by 4 Kobo or 9.76 per cent to settle at 37 Kobo per unit compared with the previous day’s 41 Kobo per unit.
