NSE recalls suspended firm

Nigerian Stock Exchange (NSE)

The Nigerian Stock Exchange, NSE, on Tuesday lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc.

The bourse, in a notice posted on its website Tuesday, said Sovereign Trust Insurance Plc, which was one of the companies suspended last week, has submitted its audited accounts for the period ended December 31, 2016.

On July 7, the stock market authority suspended 17 companies listed on the NSE, thereby making it impossible for their investors to trade or do any business with their stocks.

The sanctions were imposed on the companies for failure to comply with the regulatory provisions of the law on corporate governance and extant post-listing guidelines.

The 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, Universal Insurance Company and Sovereign Trust Insurance.

The NSE said the companies failed to file their annual financial accounts and operational reports in line with the requirements in the listing rules at the Exchange.

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

But in its Tuesday notice, the NSE announced that the suspension on Sovereign Trust Insurance has been lifted.

“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.”


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