Nigerian Stock Exchange lifts suspension of Royal Exchange shares

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The Nigerian Stock Exchange (NGSE) has notified investing public of lifting of suspension earlier placed in the shares of Royal Exchange.

In a market bulletin dated 20 July 2018 signed by Godstime Iwenekhai, head, listings regulation department, the Nigerian Stock Exchange referred to its market bulletin dated July 5, 2018 where it notified the public of the suspension of eight listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange.

The Rule provides that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will send to the Issuer a Second Filing Deficiency Notification within two 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 hours of the suspension.

The NGSE further noted in its bulletin that Royal Exchange Plc which was one of the companies suspended has submitted its audited financial statement for the year ended 31 December 2017.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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