The Nigerian Stock Exchange (NSE) has lifted the suspension of trading in the shares of Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc.
The NSE, in a statement on Tuesday, referred to its market bulletin dated 5 July 2018, 2 August 2018, and 4 October 2018 which notified the public of the suspension of 17; one and four listed companies respectively for noncompliance with rule 3.1, rules for filing of accounts and treatment of default filing, rulebook of the exchange (issuers’ rules).
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 cure period.
The bourse added that trading in the issuer’s securities would be suspended while the Securities and Exchange Commission (SEC) and the market would be notified within 24 hours of the suspension.
The statement read in part, “Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, which were among the companies suspended, have submitted their respective financial statements.
“In view of the submission of their respective accounts and pursuant to rule 3.3 of the default filing rules, which provides that ‘The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.”
Frontpage November 18, 2019