Non submission of financials: NSE plans to delist 50 comapnies
Written by Friday Ekeoba, Lagos Friday, 05 November 2010
The Nigerian Tribune findings on Thursday showed that the affected companies, which are currently on full suspension and technical suspension, may after all not meet the deadline given them.
Commenting on the issue on Thursday, the Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, in a report said the exchange would at the end of this month delist all companies that had not submitted their financial statements.
“We suspended trading in the shares of 48 companies because they did not submit their financial statements and any company that fails to do this by the end of this month will be delisted from the exchange.”
According to Ikazoboh, “the decision is part of measures the exchange is taking to restore credibility to the market.
“We want to ensure that only fundamentally sound companies would be listed on our exchange. And we want to ensure that global standards are kept in running our exchange.”
It will be recalled that the council of the exchange on September 8 this year approved the suspension of some seven companies for failure to submit their financial statements, while 34 others were placed on watch list for failure to submit their 2009 full year financial results.
No comments:
Post a Comment