The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Transnational Corporation Plc (Transcorp).
The NGX, in its weekly report, said the suspension, on Thursday, October 10, 2024, was necessary to determine the shareholders entitled to receive the firm’s reconstructed shares.
The Exchange said the suspension was to prevent any trading activities while the company’s registrars and Central Securities Clearing System (CSCS) reconcile their records for the listing of the reconstructed shares.
According to the regulator, the suspension action follows a share capital reduction undertaken by Transcorp.
In another development, the NGX also lifted the suspension placed on trading of the shares of Lasaco Assurance Plc on Wednesday, October 9.
The NGX referred to its market bulletin dated July 8, which notified trading license holders and the investing public about the suspension.
It added that the development was in line with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing.
According to the NGX, the rule mandates a second notification to the issuer if they fail to file the relevant accounts by the end of the Cure Period.
The NGX added that Lasaco Assurance had submitted its Audited Financial Statements for the year ended December 31, 2023, along with all outstanding financial documents.
Transcorp Power records N142bn revenue, N23.46bn dividend
The Exchange stated that in view of the company’s submission of its 2023 AFS and pursuant to Rule 3.3 of the Default Filing Rules, it was satisfied that the insurer’s accounts comply with all its applicable rules.
The NGX also announced that trading in the rights issue of Nigerian Breweries Plc had been extended for one week, to now close on Friday, October 18.
The regulator said the brewer obtained the approval of the Securities and Exchange Commission (SEC) for the extension.
On listing, the NGX announced that trading in the September 2024 Issue of the Federal Government of Nigeria Bonds was listed on the stock market on Friday.
The regulator further stated that Flour Mills of Nigeria Plc’s N46 billion five – year 22 per cent Series two Fixed Rate Senior Unsecured Bond due 2029 under the N200 billion Flour Mills of Nigeria Plc Bond Issuance Programme – were listed on the NGX on Tuesday.
On trading, the NGX All-Share Index and market capitalisation appreciated by 0.09 per cent each to close the week at 97,606.63 and N56.088 trillion, respectively.
This was against 97,520.54 and N56.039 trillion, respectively, posted in the previous week.
Consequently, equity investors gained a total of N49 billion.
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