NSE lifts sus­pen­sion on African Al­liance’s shares

The Punch - - CAPITAL MARKET - Fey­isayo Popoola

The Nige­rian Stock ex­change has lifted the sus­pen­sion of trad­ing in the shares of African Al­liance In­sur­ance Plc.

The NSE, in a state­ment on Fri­day, re­ferred to its Mar­ket Bul­letin dated July 5, 2018, which no­ti­fied the pub­lic of the sus­pen­sion of eight listed com­pa­nies for non-com­pli­ance with the rules for fil­ing of ac­counts and treat­ment of de­fault fil­ing and the rule­book of the ex­change.

It said the rule pro­vided that if an is­suer failed to file the rel­e­vant ac­counts by the ex­pi­ra­tion of the cure pe­riod, the ex­change would send to the is­suer a ‘Sec­ond Fil­ing De­fi­ciency No­ti­fi­ca­tion’ within two busi­ness days af­ter the end of the pe­riod.

The bourse added that trad­ing in the is­suer’s se­cu­ri­ties would be sus­pended and the Se­cu­ri­ties and ex­change Com­mis­sion and the mar­ket would be no­ti­fied within 24 hours of the sus­pen­sion.

The state­ment read in part, “African Al­liance In­sur­ance Plc, which was among the com­pa­nies sus­pended, has sub­mit­ted its out­stand­ing au­dited and in­terim fi­nan­cial state­ments to the ex­change.

“In view of the sub­mis­sion of the com­pany’s ac­counts and pur­suant to rule 3.3 of the de­fault fil­ing rules, which pro­vides that ‘the sus­pen­sion of trad­ing in the is­suer’s se­cu­ri­ties will be lifted upon sub­mis­sion of the rel­e­vant ac­counts pro­vided the ex­change is sat­is­fied that the ac­counts com­ply with all ap­pli­ca­ble rules of the ex­change.’”

Ac­cord­ing to the rule, the ex­change shall there­after also an­nounce through the medium by which the pub­lic and the SEC was ini­tially no­ti­fied of the sus­pen­sion.

“Deal­ing mem­bers are hereby no­ti­fied that the sus­pen­sion placed in the trad­ing of the com­pany’s shares was lifted on 8th Jan­uary 2019.”

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.