The Nigerian Exchange Limited has announced that Multi-Trex Integrated Foods PLC and Infinity Trust Mortgage Bank PLC are among the two firms to undergo Mandatory Compliance Training by the firm.
According to the recent X-Compliance report of the NGX Regulations, the company has failed to comply with some post-listing requirements, hence the sanctions.
Multi-Trex Integrated Foods Plc is a firm that processes cocoa and produces intermediate products such as cocoa butter and cocoa cake and was sanctioned for going against Rule 19.6, which has to do with the submission of Notice and Other Information Documentation to the Exchange; Rulebook of the Exchange 2015, (Issuers Rules).
Infinity Trust Mortgage Bank breached Rule 17.5, which has to do with price-sensitive information, the Exchange 2015 Issuers' Rules rulebook and failure to disclose the confirmation of the appointment of the new Managing Director of the Bank. The stocks have appreciated in recent weeks.
Infinity Trust Mortgage Bank, in February 2023, announced the appointment of Sunday Olumorin as its Managing Director after succeeding Olabanjo Obaleye, who finished his tenure as the bank's MD.
Meanwhile, the board of NGX Regulations has approved the placement of Multi-Trex Integrated Foods Plc on its Delisting Watchlist.
Guinea Insurance Place also witnessed sanction from the NGX as it was also fined N453,600 for breaching "Rules 18.2(c) and 18.2(d): Issuers' Portal Rules. Failure to utilise the Issuers Portal to file sensitive information."
However, the NGX regulations board has approved the placement of Multi-Trex Integrated Foods Place on its Delisting Watchlist.
The NGX says that every listed company must provide the exchange with timely information to maintain an orderly market efficiently.
Read more: https://www.investingport.com/ngx-s...and-trust-mortgage-bank-over-breaching-rules/