NSE Clamps Down On Six Companies

By Ikenga Chronicles October 9, 2018

NSE Clamps Down On Six Companies

The Nigerian Stock Exchange (NSE) yesterday, came down heavily on six listed companies by suspending them from trading their shares in the Stock Exchange.

Giving reasons for the action, the NSE said the companies failed to file relevant details of their accounts to the Exchange as stipulated by market regulations.

A circular released to the market and signed by Head Listings Regulation Department, NSE, Godstime Iwenekhai, said: “The suspended 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.”

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 (Issuers’ Rules) (“Default Filing Rules”), 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 (2) 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 companies listed below have been suspended effective today, 8 October 2018: 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 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.”

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