By Christopher Nnanta InvestAdvocate
Lagos (INVESTADVOCATE)-Eleven (11) Quoted Companies on the Nigerian Stock Exchange (NSE) as at Wednesday remains on full suspension for non-rendition of their Financial Year End Accounts.
The list of the Firms was obtained by www.investadvocateng.com from the website of the Nigeria’s Exchange in Lagos Nigeria.
The Quoted Companies has been on full suspension as at September 05 2011 for non-rendition of their year 2010 Annual Reports to the Nigeria’s Exchange.
As earlier reported, on July 01 2011 the Nigeria’s Exchange placed on Technical Suspension 48 Firms for failing to meet up with the March 31 2011 deadline issued to Quoted Companies to submit their Financial Results for the review period.
However, the Technical Suspension came three (3) months after the March 31 2011 deadline.
Following this suspension, the NSE in a Statement July 01 2011 affirmed that the action was in Pursuant to Article 90 of The Exchange’s rules, which states that the NSE may at its discretion at any time suspend or lift suspension in trading in particular securities, “these companies’ stocks will be on Technical Suspension for the next one month; after which The Exchange reserves the right to take further action†the Statement said.
Amongst the 11 Companies still on full suspension include Union Dicon Salt Plc, Aluminum Manufacturing Company of Nigeria Plc, MTI Plc, Investment & Allied Insurance, West Africa Glass Industry Plc and Afroil Plc all for the period ended December 2010; while Lennards Plc is for the period ended September 2010.
Other Firms still on full suspension for non-rendition of their Accounts for the period ended March 2011 are Costain West Africa Plc, G. Cappa Plc; both on the construction Sector of the NSE and Union Homes Savings & Loans Plc and Poly Products Nigeria Plc both operating on the Mortgage and Packing Sectors respectively of the Nigeria’s Exchange.
Prior to this time, Oscar Onyema, the Chief Executive Officer (CEO) of the NSE had said that as the shares of these Firms remain fully suspended, they cannot be bought or sold on the Floor of the Nigeria’s Exchange until they comply; otherwise they will face delisting from the Nigeria’s Exchange.
