The Nigerian Exchange (NGX) temporarily stopped trading on seven businesses for refusing to abide by to best corporate governance practices, which require them to present audited results within a certain time frame.
The companies that were suspended are Ardova Plc, Presco, C and I Leasing, Royal Exchange, International Energy Insurance, Pharma Deko, and Afromedia.
The full suspension indicates that there will be no transactions on the firms' shares, including share price movement and trade on their shares.
According to an NGX circular, the firms were suspended after failing to submit their audited results and accounts for the fiscal year ending December 31, 2022.
The suspended businesses, according to the Exchange, failed to comply with guidelines requiring the timely filing of results.
Current stock exchange standards require listed businesses to submit their full-year audited results and account no later than 90 days following the end of the fiscal year. However, the deadline for submitting the 2022 results was March 30, 2023.
Read more: https://www.investingport.com/ngx-suspends-trading-in-shares-of-ardova-presco-royal-exchange-others/