SAN FRANCISCO, October 08, (THEWILL) – The Nigerian Stock Exchange (NSE) has suspended trading in the shares of six Nigerian companies listed on the exchange.
The companies were suspended on Monday after they failed to file details of their accounts to the Exchange as stipulated by market regulations.
The six companies are DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.
In a notice signed by Godstime Iwenekhai, head of Listings Regulation Department, the NSE said the decision was pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).
The rule provides that if an issuer fails to file the relevant accounts by the expiration of the current period, the Exchange will send to the issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
The NSE, therefore, said effective Monday, trading in the shares of the six companies remains suspended.
“In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” the notice said.