Chinwendu Obienyi
The Nigerian Stock Exchange (NSE), yesterday lifted the suspension placed on Universal Insurance, as it has submitted its outstanding audited and interim financial statements to the Exchange.
According to a filing obtained from the exchange’s website, the lifting of suspension placed on the trading of the company’s shares is in view of the submission of the company’s accounts and pursuant to Rule 3.1 of the Default Filing Rules.
The NSE had on Tuesday, July 2, 2019 announced suspension on trading in the shares of Universal Insurance and ten other publicly quoted companies for failure to file details of their accounts as stipulated by market regulations.
The affected companies were: Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance and R.T. Briscoe while others include Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance. The suspension in the shares of these firms, which took effect from July 2 had implied that there would be no price movement on the shares because the company’s investors would no longer trade on the stock.
Conoil Plc’s suspension had since been lifted after it submitted their audited and interim financial statements to the Exchange
The statement said, “Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.
In view of the Company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.