The Nigerian Stock Exchange (NSE) has suspended trading on the shares of Unity Bank Plc and five other publicly quoted companies.
Acording to a statement issued by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, the suspension takes effect from Thursday, November 01, 2018.
Aside from Unity Bank, the other affected firms are Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Intergrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc.
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The six companies were suspended because they failed to file in the necessary financial accounts as at when due.
“Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which provides that; ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange would send to the Issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the Cure Period,” the statement said.
In accordance with the rules set, the suspension of the listed companies would only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.