By Modupe Gbadeyanka
Six companies trading their shares on the floor of the Nigerian Stock Exchange (NSE) have been suspended.
This followed their failure to file in their financial statements as required by the listing rules.
The six companies affected by the suspension include DN Tyre & Rubber, FTN Cocoa Processors, International Energy Insurance, Thomas Wyatt Nigeria, Union Dicon Salt and Unic Diversified Holdings.
A statement issued by the NSE and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, explained that the action was in line 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.’
According to Mr Iwenekhai, “trading in the shares of the companies listed has been suspended effective October 8, 2018.”
In the statement, the NSE said the suspension of the affected firms will only be lifted upon the submission of the relevant accounts and provided NSE is satisfied that the accounts comply with all applicable rules of the NSE.”
Adedapo Adesanya