NGX To Delist Three Firms, Suspends Four For Market Infractions

The Nigerian Exchange Limited has suspended trading in the shares of four firms this year for falling short of regulatory criteria, even as it is in the process of delisting three firms.

The NGX Regulation Limited said in a report that Chellarams Plc, Niger Insurance Plc, The Tourist Company of Nigeria Plc, and Thomas Wyatt Nigeria Plc were suspended for failure to file the relevant accounts by the expiration of the cure period.

Trading in the shares of Rak Unity Petroleum Company Plc was suspended due to a winding up of the company as approved by its shareholders at the time.

The Tourist Company of Nigeria Plc, Multi-Trex Integrated Foods Plc, and Union Diagnostics & Clinical Services Plc were listed as currently undergoing delisting by the NGX RegCo.

NGX RegCo cited Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, saying, “If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a ‘second filing deficiency notification’ within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.”

Meanwhile, Deap Capital Management and Trust Plc had been placed on the NGX RegCo’s delisting watch list.

The NGX Exchange had approved that the company be placed on the watch list subject to filing its quarterly compliance report.

Nine firms were also placed on restructuring status by NGX RegCo, including Omatek Ventures Plc, Aso Savings & Loans Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, and International Energy Insurance Plc.

Others are Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc, and DN Tyre & Rubber Plc.