Seven companies including Pharmadeko, Royal Exchange and IEI suspended from the stock market
Seven companies, Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc, and Ardova Plc have been suspended from the Nigerian stock market effective today, (Friday, 11 July 2023)
Giving the news, Nigerian Exchange Limited (NGX) stated that this measure was taken against the companies forbhaving failed to file their Audited Financial Statements for the year ended 31 December 2022.
According to the NGX, “This notice is being sent to Trading Licence Holders and the investing public in accordance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which states that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; b.)
The Securities and Exchange Commission (SEC) and the Market must be notified within twenty-four (24) hours of the suspension, and trade in the Issuer’s securities must be suspended.
“Since the seven (7) firms failed to file their audited financial statements for the year ending December 31, 2022, trading in their shares has been suspended from NGX facilities as of today, Tuesday, July 11, 2023.
“According to the Default Filing Rules stated above, the trading halt on the shares of the aforementioned companies will only be lifted upon the submission of the pertinent financial information, provided NGX Regulation Limited (NGX RegCo) is satisfied that the financial information complies with all applicable NGX rules.”
