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Stock Exchange suspends four companies

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Authorities at the Nigerian Stock Exchange (NSE) have suspended trading on the shares of four companies over persistent failures by the companies to operate in line with best practices and good corporate governance.

The four companies included Academy Press Plc, Nigerian German Chemical Plc, Roads Nigeria Plc and Thomas Wyatt Nigeria Plc.

The suspension, which took effect today Wednesday October 4, 2017, was slammed on the companies for their inabilities to submit its accounts and results as required by the rules at the Exchange.

Read also: Rice to sell at N6,000 per bag soon –Farmers

The suspension means that there shall be no trading or movement of share prices of the four companies.

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.

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.

 

 

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