CEM REPORT | The Nigerian Exchange (NGX) has announced the lifting of suspension placed on trading in the Shares of Tourist Company of Nigeria Plc in July 2021 along with other 3 companies.
The lifting of suspension was announced in the Exchange weekly market report for the week ended May 10 after 10 months of announcement of the suspension
According to NGX, the suspension was due to non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules)
NGX said the lifting of the suspensions is on the account of satisfaction by the Exchange with the compliance of Tourist Company of Nigeria Plc to the said rule and in accordance with Rule 3.3 of the Default Filing Rules, which states 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, that the suspension has been lifted”
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Until the suspension, Tourist Company of Nigeria occupied the 74th most valuable stock on the NGX with a market capitalization of NGN 6.38 billion, which is about 0.022% of the Nigerian Stock Exchange equity market.
NGX announcement
Notification of Lifting of Suspension Placed on Trading in the Shares of Tourist Company of Nigeria Plc
We refer to our Market Bulletin dated 2 July 2021 with Reference Number: NGXREG/LRD/MB23/21/07/02, wherein we notified Trading Licence Holders and the Investing Public of the suspension of four (4) listed companies for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), which provides that:
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, The Exchange will:
- Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
- Suspend trading in the Issuer’s securities; and
- Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
Tourist Company of Nigeria Plc, one (1) of the four (4) listed companies that were suspended on 2 July 2021, have now filed its Audited Financial Statements for the year ended 31 December 2020, 31 December 2021, and Unaudited Financial Statements for the quarter ended 31 March 2022.
In view of the company’s submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states 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, that the suspension has been lifted”, Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Tourist Company of Nigeria Plc was lifted on 11th May, 2022.
