Don't Miss


Home   >   Nigerian Stock Exchange   >   NSE set to delist three firms over listing status

NSE set to delist three firms over listing status

By on July 12, 2015

The Nigerian Stock Exchange appears set to make good its threat to delist companies that fail to regularise their listing status, with the announcement of three companies to be delisted next week.

The companies are Nigerian Sewing Machine Manufacturing Plc, Stockvis Plc and Nigeria Wire & Cable Plc.

The bourse, in a statement on Thursday, said the Quotations Committee of the National Council of the NSE had on November 4, 2014 granted 18 companies a period of 12 months ‘stay of action’ on The Exchange’s delisting process to regularise their listing status.

It said during the 12-month period, the companies were required to file quarterly progress reports updating The Exchange about their activities and various steps they were taking towards fulfilling their post listing obligations.

“However, the companies listed below have failed to take any steps to regularise their listing status and The Exchange will proceed with the delisting process effective July 13 2015. The companies to be delisted are: Nigerian Sewing Machine Manufacturing Plc, Stockvis Plc and Nigeria Wire & Cable Plc.

“The Exchange will continue to engage the remaining 15 companies that have taken steps towards regularising their listing statuses with a view to bringing them into compliance with their post listing obligations.”

In a related development, the NSE has notified 15 dealing members to appear before the Disciplinary Committee of the National Council of The Nigerian Stock Exchange for a hearing in respect of their failure to activate their dealing membership licences.

The hearing is scheduled to hold on Monday, 27 July 2015, according to a statement signed by the Head, Legal and Regulation Division and Council Secretary, Tinuade Awe.

The companies include Al-Pina Investment & Trust Company Limited, BBL Asset Management Limited, Integrated & Allied Securities Limited, Multi Trust Securities Limited, Standard Chartered Securities Limited, Translux Services Limited and Afro-Arab Investment Limited,

Others are Barakat Investment Limited, Bosson Capital Assets Limited, Dealers Assets Management Limited, Enabell Capital & Investment Limited, First Express Limited, KFF Worldwide Solutions Limited, Kingdom Securities Limited and Silver & Gold Securities Limited.

The NSE said that at the hearing, the affected dealing members would be required to give reasons why disciplinary action should not be taken against them.

“Any documents they wish to rely upon during the hearing should be provided to The Nigerian Stock Exchange by 12:00pm on Thursday 16, July 2015. Note that in the event of a failure to honour this invitation, the Disciplinary Committee shall proceed with the hearing and make such decisions and issue such directives as it deems fit.”

 

[Punch]