NSE lifts suspension on Standard Alliance Insurance shares

NSE lifts suspension on Standard Alliance Insurance shares

Feyisayo Popoola

The Nigerian Stock Exchange said on Wednesday that it had lifted the suspension it placed on the trading in the shares of Standard Alliance Insurance Plc.

It said the firm was suspended on July 5, 2018, for non-compliance with rule 3.1 of the Exchange (Issuers’ Rules) − Rules for filing of accounts and treatment of default filing.

According to the NSE, 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 business days after the end of the cure period.

The bourse added that it would also suspend trading in the Issuer’s securities and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.

It said Standard Alliance Insurance Plc had submitted its audited financial statement for the year ended December 31, 2017.

The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, said, “In view of the submission of its accounts and pursuant to rule 3.3 of the Default Filing Rules, which provides that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension. The general public is hereby notified that the suspension placed in the trading of the company’s shares has been lifted effective today, Wednesday, 29 August 2018.”

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