By Modupe Gbadeyanka One of the largest manufacturers of Collapsible Aluminium Tubes, First Aluminium Nigeria Plc, has been sanctioned by the Nigerian Stock Exchange (NSE).
The company, which has its headquarters in Lagos, was fined by the stock market regulator for infractions noticed in its Annual General Meeting (AGM).
A regulatory notice seen by Business Post over the weekend indicated that the firm failed to dispatch notice of its AGM and annual reports to shareholders 21 days before the meeting as stipulated by the rules.
According to the notice, First Aluminium Nigeria was fined for “Non-dispatch of the Notice of AGM and Annual Reports to shareholders twenty-one (21) days before the date of the meeting.”
Consequently, the stock market management has asked First Aluminium Nigeria Plc to pay a fine of N476,280 for the error.
Business Post learned that First Aluminium Nigeria is the first company to be sanctioned in 2019 by the stock exchange.
Every listed company on the stock exchange is required to provide the regulator with timely information to enable it efficiently perform its function of maintaining an orderly market.
In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of The Exchange, 2015 (Issuers’ Rules) and The Exchange’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via The Issuers’ Portal, listed companies are required to obtain prior written approval from the NSE before publications that affect shareholders’ interest are made in the media or via the Issuers’ Portal.
In addition, companies are also required to disclose material information to the exchange and publish the information in their Annual Reports.
In September 2018, First Aluminium Nigeria Plc held its Annual General Meeting in Lagos, which was attended by some of its shareholders.
