The Nigerian Stock Exchange has suspended four firms on trading in its shares more than a year ago.
The firms, include;
- Premier Paints Plc
- Ekocorp Plc,
- Austin Laz & Company Plc and
- Academy Press Plc,
They were suspended for failure to follow to best corporate governance practices and denial to submit their accounts and operational reports.
Premier Paints and Ekocorp were suspended on July 5, 2017; Austin Laz was suspended on August 2, 2017, while Academy Press was suspended on October 4, 2017.
The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, in a statement on Tuesday, stated to the market bulletins dated July 5, 2017; August 2, 2017 and October 4, 2017, which informed the public of the suspension of the companies for nonfulfillment with the rules for filing of accounts and the rulebook of the exchange.
The statement read in part, “Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, which are the companies suspended, have submitted their respective financial statements.
“In view of the submission of the company’s accounts 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 important 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 firstly notified of the suspension.
“The general public is hereby notified that the suspension placed in the trading of the company’s shares has been lifted, effective Tuesday, November 6, 2018.”