By Nike Popoola

Monday, 8 Nov 2010

The Nigerian Stock Exchange has lifted the technical suspension placed on trading of International Energy Insurance Plc’s shares.

The action took effect on Wednesday, November 3, 2010.

According to a statement on Friday, this followed the observance of due process, which includes the submission of printer‘s proof of the company‘s 2009 Annual Report and Accounts to the regulatory body.

The Head of Listing Directorate at the Exchange, Mr. Binos Yaroe, communicated the lifting of the suspension on trading of the company‘s shares on the floor of the exchange to the management of the company in a letter, titled, ”Re: Printers‘ Proof of Annual Report and Accounts for the Year Ended 31st December 2009”.

He confirmed the receipt of the company‘s financial reports, granting it permission to go ahead and convene its annual general meeting. He added that the suspension of trading on the company‘s shares had been lifted accordingly.

The letter read in part, ”We refer to your letter dated October 28, 2010 forwarding the printer‘s proof of your 2009 annual report and accounts and wish to grant you approval to publish the notice of Annual General Meeting…

”You are also granted approval to print and circulate the accounts. In addition, we wish to inform you that the technical suspension placed on your company as a result of non-submission of your 2009 audited accounts have been lifted.”

IEI is one of the non-life risks underwriting groups that survived the last recapitalisation exercise, which ended, February 28, 2007.

Source: Punch