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NSE slams suspension on Austin Laz over poor governance

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Authorities at the Nigerian Stock Exchange (NSE) has suspended trading on the shares of indigenous refrigerating and cooling company-Austin Laz & Company Plc over the persistent failure of the company to operate in line with best practices and good corporate governance.

The suspension, which took effect on Wednesday, was slammed on the Professor Pat Utomi-chaired company for its inability to submit its accounts and results as required by the rules at the Exchange.

The suspension means that there shall be no trading or movement of share price of Austin Laz.

According to the Exchange, the suspension was pursuant to market’s rules on filing of accounts and treatment of default filing. The rules empower the Exchange to suspend trading on the shares of any company that fails to file the relevant accounts by the expiration of the stated period.

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Under the extant rules at the NSE, companies are required to submit their full-year audited report and accounts not later than 90 days after the end of the year and their quarterly report within 30 days after the quarter. Most quoted companies operate the Gregorian calendar as their business year.

Austin Laz and Company was incorporated as a private limited liability on July 5, 1982. The chairman of board of directors of Austin Laz is Professor Pat Utomi while its founder- Mr. Austin Asimoye has been the chief executive officer.

 

 

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