By Dipo Olowookere
Trading in the shares of Lasaco Assurance Plc on the floor of the Nigerian Exchange (NGX) Limited has resumed after three months.
Recall that on July 8, 2024, the exchange announced the suspension of the underwriting firm on its trading platform as a result of the failure of the board to file the company’s audited financial statements for 2023.
In the notice from the bourse, it was stated that trading in the stocks of the insurer was stopped based on the “provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that 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 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 24 hours of the suspension.”
A few days ago, the board of Lasaco Assurance submitted the audited results for the previous financial year to the bourse and due to this, the suspension was lifted on Wednesday.
The NGX confirmed this development in a disclosure to the investing community, stating, “In view of the company’s submission of its 2023 AFS, 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 were initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Lasaco Assurance Plc was lifted on Wednesday, October 9, 2024.”