Business Nigeria Stock Exchange warns investors on shares of 13...

Nigeria Stock Exchange warns investors on shares of 13 firms

-

- Advertisment -

Nigeria Stock Exchange warns investors on shares of 13 firms

The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation.

Newsmen report that the affected companies include Aso Savings and Loans, Deap Capital Management & Trust, DN Tyre & Rubber, FTN Cocoa and Goldlink Insurance.

Others are International Energy Insurance, Medview Airline, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, UNIC Diversified Holdings, Union Dicon Salt and Union Homes Savings and Loans.

The exchange in a statement by Mr Godstime Iwenekhai, Head, Listings Regulation Department, said the defaulting companies failed to meet regulatory deadlines for the submission of their financial statements without any explanation.

The statement said defaulting companies failed to comply with the Exchange’s directives set forth in the Deficiency Filing Notice (DFN) issued to them.

“Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them,” said the Exchnage.

The NSE warned that it may suspend trading on the shares of the companies if they fail to comply with extant rules within the specified period.

According to the statement, the deadline for submission of the unaudited financial statement of the companies became due on June 29, being the extended due date as granted by the Exchange.

“By virtue of non-filing of the unaudited report by the due date, the companies violated extant rules at the NSE which provide that every company shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter,” it said.

It noted that companies were required to publish the financials within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.

The rules also required that an electronic copy of the interim financial publication shall be filed with the Exchange on the same day as the newspaper publication.

It said the NSE issued deficiency filing notice to the companies notifying them of their violations and mandated them to make public disclosure regarding the violation, the reasons for the violation and possible date for publication of the outstanding financial statement.

According to the Exchange, the defaulting companies failed to comply with the directives in the DFN.

The statement said the Exchange would continue to engage with these companies on the need to comply with post listing requirements.

It, however, warned that it may take additional steps if they failed to comply and file their unaudited financial statements within 90-day cure period by Sept. 27, 2020.

The Exchange said it would send to the aforelisted companies a “Second Filing Deficiency Notification” within two business days after Sept. 27 and suspend trading in the companies’ securities.

Nigeria Stock Exchange warns investors on shares of 13 firms Nigeria Stock Exchange warns investors on shares of 13 firms
Nigeria Stock Exchange warns investors on shares of 13 firms
Parrot Nigeria
An online news aggregator

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Private schools right to charge for third term – FG

            The Federal Government has affirmed it is the right of privately owned schools to charge fees for third term...

Covid-19: Buruji Kashamu’s health allegedly worsens, moved to First Cardiology Hospital

There is an indication that the health of billionaire businessman-cum-politician, Senator Buruji Kashamu, who has been receiving treatment for...

A snail can’t be a threat in a race where tigers are involved – Oshiomhole tells Obaseki

                Adams Oshiomhole, former national chairman of the All Progressives Congress (APC), says Godwin Obaseki, governor of the state, is...

Fight breaks out onboard flight after two passengers refused to wear masks (Video)

A serious fight broke out onboard a flight after two ‘drunk’ passengers refused to wear a face masks. People have...

Rahama Indimi doctors ex-husband’s kids out of IBB’s Eid-Kabir photo with grandchildren

Rahama Indimi doctored her ex-husband’s kids out of Ibrahim Badamasi Babangida Eid-Kabir photo with his grandchildren. The image she posted...

[BREAKING] School reopening: Ogun cancels COVID-19 test requirement

            Governor of Ogun State, Dapo Abiodun, on Monday, cancelled the initially announced Covid-19 test requirement for resuming pupils in...

TRENDING

Here is the Nigerian who will buy Shoprite’s stake

          Shoprite, Africa’s largest food retailer, announced on Monday it...

Shoprite exits Nigeria after 15 years

          Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s...
- Advertisement -

You might also likeRELATED
Recommended to you