NSE Lifts Suspension of Afromedia Shares

April 9, 2019
Afromedia

By Dipo Olowookere

The embargo earlier placed on the trading of Afromedia shares on the floor of the Nigerian Stock Exchange (NSE) has now been lifted.

The firm was punished about a year ago, precisely on April 9, 2018, by the stock market regulator for failing to file its audited financial statements.

Afromedia actually failed to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules) (Default Filing Rules), which provides 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 (2) 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.”

Having now filed its outstanding financial statements to the NSE, the suspension has been removed and investors can now trade shares of Afromedia at the local stock market.

A notice from the NSE stated that the suspension was lifted on Monday, April 8, 2019.

The NSE explained that the lifting of the embargo was pursuant to Rule 3.3 of the Default Filing Rules, which provides 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.”

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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