The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Afromedia Plc; one year after it suspended the advertising media company for failure to comply with post-listing requirements.
The NSE stated that the lifting of suspension on the shares of Afromedia was sequel to the submission of its relevant financial statements to the Exchange.
The NSE had on April 9, 2018 suspended trading in shares of Afromedia for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.
Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.
The Exchange stated that “Afromedia Plc has now filed its outstanding financial statements”, thus the suspension placed in trading on the shares of the company was on Monday, April 8, 2019.
Incorporated in 1959 and listed on the NSE in 2009, the Afromedia Group consists of five subsidiaries and associated companies. These include Afromedia Gambia Limited, Afromedia Africa Propriety Limited, Optmedia Limited, Outdoor Exchange West Africa Limited and Independent Poster Care Limited.
