The Nigerian Stock Exchange has served a notice of delisting on 21 companies for failing to file quarterly and annual financial statements as required under the listing rules.
The notice, which was posted on the Exchange’s website on Monday, said the Quotation Committeee of the National Council of the NSE had approved the delisting of the companies on Monday June, 2014.
Companies affected are, Daar Communications Plc, Big Treat Plc, Starcomms Plc and UTC Plc, IPWA Plc, Nigeria Wire and Cable Plc, Afroil Plc and Goldlink Insurance Plc.
The notice read in part, “The Quotation Committee of the National Council of the Nigerian Stock Exchange, on Monday June 2, 2014, approved the delisting of some entities from the Daily Official List pursuant to the provisions of the Greenbok (Listing Rules) of the Exchange, specifically, Clause 15 of the General Undertaking.
“The Exchange has decided to delist these entities because of their failure to file quarterly and annual financial statements as required under the listing rules. This regulatory action is necessary in order to protect the investing public from trading in securities of entities with no current information regarding their financial status.”
It added that further to the approval of Council, the Exchange has also decided to delist the some entities, that failed to regularise their listing status after being given time to do so.
They are Stockvis Plc, Nigeria Sewing Machines Plc, Jos International Breweries Plc, Capital Oil Plc and Golden Guinea Plc.
“Please note that this serves as a notice of delisting and the entities will be delisted effective three months from the date of this notice,” it added. (Punch)