The Nigerian Stock Exchange (NSE) said on Tuesday that 24 companies listed on the bourse were operating below the listings standard (BLS). This was contained in an X-Compliance Report which the listings regulation department of the exchange released in Lagos.
The report said that the affected companies had violated the post listing rules by submitting late, their financial statements and making an unauthorised publication. It listed the companies as Union Homes Savings & Loans Plc; G Cappa, Ikeja Hotels and Big Treat. Others are Daar Communications, Neimeth International Pharmaceutical, Nigerian German Chemicals, Premier Breweries, Adswitch, Multi-Trex Integrated, I.H.S Nigeria, Nigerian Wire & Cable, IPWA, MTI Plc., and Jos International Breweries.
Also listed were Abplast Products, Afrik Pharmaceutical, Investment & Allied Insurance, Mtech, Nigerian Sewing Machine, Nigerian Enamelware, West African Aluminum Products, Stokvis Nigeria and Thomas Wyatt. According to the report, the 24 companies will now be marked `BLS’ in line with the NSE’s commitment to enhance transparency and full disclosure.
The report also dwelt on the fate of companies awaiting regulatory approval. “The symbol ARA (Awaiting Regulatory Approval) was appended to the names of companies that are awaiting primary regulator’s approval and have consequently missed their financial filing date,’’ it said. It listed the affected companies as Wema Bank, Resort Savings & Loans, African Alliance Insurance, Equity Assurance, Goldlink Insurance and Great Nigeria Insurance.
NSE lists 24 coys on bourse operating below listings standard
