Poor management: NSE suspends Union Homes, Omatek, Goldlink, 14 others
The Nigerian Stock Exchange on Thursday announced the suspension of 17 listed companies from trading their shares in the bourse.
The Acting Head, Listings Regulation Department, NSE, Godstime Iwenekhai, said in a statement that the action was taken because the affected companies failed to submit some relevant documents.
He added that the suspension would be lifted when the documents were eventually submitted.
The statement read in part, “Dealing members are hereby notified that pursuant to rule 3.1, rules for filing of accounts and treatment of default filing, rulebook of The Exchange (issuers’ rules), which states: ‘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 business days after the end of the cure period.
“It will also suspend trading in the issuer’s securities; and (c) notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
“Trading in the shares of the following seventeen (17) companies have been suspended today, July 5, 2017.
“In accordance with the rules set forth above, the suspension of the afore-listed companies will only be lifted upon the submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules.”
The affected companies include African Alliance Insurance Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Guinea Insurance Plc, Premier Paints Plc, Resort Savings & Loans Plc and Sovereign Trust Insurance Plc.
Others are African Paints (Nigeria) Plc, Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, Omatek Ventures Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc and Universal Insurance Company Plc.Punch