BY MICHAEL EBOH
The Nigerian Stock Exchange, NSE, has flagged Dangote Flour Mills Plc, Starcomms Plc, and 44 other quoted companies for sanctions for their failure to abide by its post listing requirements.
The NSE, in a notice to dealing members, on the release of its ‘X-Compliance Report,’ designed to highlight the compliance status of quoted companies, said the decision to flag the companies is as a result of the critical nature played by the timely disclosure of financial information.
In the report, 46 companies were flagged ‘Below Listing Standard’, BLS, while 30 other companies where marked ‘ARA’, meaning Awaiting Bank/Insurance Regulatory Approval.
The NSE said the companies were flagged BLS because they failed to comply with its post-listing rules, due to the late submission of their financial statements and for unauthorized publication.
The companies marked BLS are: FTN Cocoa Processors Plc, International Breweries Plc, Dangote Flour Mills Plc, Scoa Nigeria Plc, Ekocorp Plc, Evans Medical Plc, Union Diagnostic & Clinical Services Plc, African Paints (Nigeria) Plc, IPWA Plc, Premier Paints Plc, Omatek Ventures Plc, Starcomms Plc and Aluminium Extrusion Nigeria Plc.
Also included are Conoil Plc, Eterna Oil and Gas Plc, Oando Plc, Secure Electronic Technologies Plc, Ikeja Hotel Plc, Daar Communications Plc, RT. Briscoe Plc, McNichols Plc, Afrik Pharmaceutical, Union Ventures and Petroleum Plc, Costain (West Africa) Plc, G.Cappa Plc, Beco Petroleum Plc, John Holt Plc, Nigerian Wire and Cable Plc, Udeofson Garment Factory Plc, Union Homes Savings and Loans Plc and West African Aluminium Products Plc.
Others are MTI Plc, Union Dicon Salt Plc, Jos International Breweries Plc, Stokvis Nigeria Plc, Capital Oil Plc, Rokanna Industries Plc, West African Glass Industries Plc, Lennards Plc, Afroil Plc, Golden Guinea Breweries Plc, Rak Unity Petroleum Plc Nigerian Sewing Machine Plc, MTech Plc and Investment and Allied Assurance Plc.
According to the NSE, timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the capital market as well as investors.
The NSE stated further, “Consequently, companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol ‘BLS’ (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularizes its compliance status.”
Continuing, the NSE stated, “The symbol ‘ARA’, Awaiting Regulatory Approval, is appended to the names of companies that are awaiting primary regulator’s approval and have consequently missed their financial filing date. The symbol remains until regulatory approval is obtained and financial information is released to the public.”