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Infraction: NGX suspends trading in Chellarams shares

Trading in the shares of Chellarams Plc has been suspended from the facilities of the Nigerian Exchange Limited (NGX) for having failed to file its audited financial statements for the year ended March 31, 2021 after the expiration of the cure period.

 

According to a notice obtained from the NGX, trading license holders and the investing public were notified that pursuant to Rule 7.1(b): Rules for Listing on the Growth Board of the Nigerian Exchange Limited which states: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will:

 

a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;

b) Suspend trading in the Issuer’s securities; and c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.

 

“Trading in the shares of Chellarams Plc was suspended from the facilities of the Nigerian Exchange Limited (the Exchange) effective, Thursday, 30 September 2021 having failed to file its Audited Financial Statements for the year ended 31 March 2021 after the expiration of the Cure Period.

 

“In accordance with the Growth Board Rules set forth above, the suspension of trading in the shares of Chellarams Plc will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the exchange.”

 

The Nigerian Exchange Limited (NGX) recently suspended four listed companies trading license for having failed to file their Audited Financial Statements for the year ended 31 December 2020.

 

The companies, which were suspended for corporate governance breach, include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, and the Tourist Company of Nigeria Plc.

 

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