NSE Recalls Suspended Firm

NSE revealed this in a notice posted on its website on Tuesday.

The statement reads “In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules,” the NSE said, “The Exchange has lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc.

“The Public is hereby notified that pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states 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.”

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”; the suspension of trading in the shares of Sovereign Trust Insurance Plc has been lifted today, 11 July 2017.”

Recall that the stock market authority suspended 17 listed companies from trading their shares in the bourse.

According to Godstime Iwenekhai, acting head, listings regulation department, the decision was taken due to failure of the listed companies from submitting some relevant documents to NSE and the suspension would be lifted when the documents are submitted.

The other affected companies include African Alliance Insurance, Equity Assurance, Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, African Paints (Nigeria), Aso Savings & Loans, Ekocorp, Evans Medical, Goldlink Insurance, Great Nigeria Insurance, Omatek Ventures, Union Dicon Salt, Union Homes Savings & Loans and Universal Insurance Company.

The stock market authority said in a statement that the sanction would subsist till the companies comply with the demands of the guidelines.