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NGX suspends trading in shares of Ardova, Presco, Royal Exchange, others

CardinalStone, Stanbic lead as 10 firms trade stocks worth N1.02trn in 4 months

The Nigerian Exchange Limited (NGX) has notified the investing public that trading in the shares of the seven (7) companies. They are Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc, and Ardova Plc.

These companies were suspended from the facilities of Nigerian Exchange Limited (NGX) effective Tuesday, July 11 having failed to file their Audited Financial Statements for the year ended December 31, 2022.

The decision to suspend the seven companies is pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that: “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 (2) business days after the end of the Cure Period; Suspend trading in the Issuer’s securities; and Notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension”.

Read also: Inside NGX Group annual report, accounts for year 2022

In accordance with the Default Filing Rules of the Exchange, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX.