By Nkiruka Nnorom
The Nigerian Stock Exchange, NSE, yesterday suspended trading on the shares of six listed companies for failure to file their relevant financial accounts to the Exchange within the stipulated time.
The companies are Unity Bank Plc, Fortis Microfinance Bank Plc, Golden Guinea Breweries Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Integrated Foods Plc and Deap Capital Management & Trust Plc.
A circular to the dealing members signed by Godstime Iwenekhai, Head, Listings Regulation Department, NSE, said that the suspension became necessary following the failure by the companies to comply with the second filing deficiency notification issued them at the expiration of the ‘cure period’. Iwenekhai explained that the suspension, which became effective yesterday, will only be lifted upon submission of the relevant accounts by the companies.
The Exchange stated: “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, which provides that; ‘If an issuer fails to file the relevant accounts by the expiration of the Cure 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. “Trading in the shares of the six listed companies have been suspended from trading via the facilities of The Exchange, effective today, 1 November 2018”.