Modupe Gbadeyanka
By Modupe Gbadeyanka
The suspension placed in the trading of shares of Union Dicon Salt Plc has been lifted by the Nigerian Stock Exchange (NSE).
The embargo on the trading of the company’s stocks was removed by the exchange on Monday, October 19, 2020, after the firm fulfilled the listing rules requirements.
Union Dicon Salt was among the six publicly quoted organisations sanctioned by the local bourse on September 1, 2020, for failing to file its financial statements.
The suspension placed on the firm made it impossible for holders of its stocks to trade them on the trading platform of the NSE.
This forced the board to submit the results and the exchange subsequently removed the embargo last week, making it possible again for its shares to be traded.
In a notice to the market, the NSE said, “Dealing members are hereby notified of the lifting of the suspension of Union Dicon Salt Plc, one of the six listed companies that were suspended on September 1, 2020.
“The suspension placed on trading on the shares of the Union Dicon Salt was lifted on Monday, October 19, 2020.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing 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 and the SEC was initially notified of the suspension, that the suspension has been lifted”.
