A new caveat has been placed by the NSE on 13 companies shares to warn investors to stay away. The NSE said the 13 companies failed to submit their financial statements within the regulatory deadlines and presented no explanations. The companies which the NSE placed a caveat on include:
- Medview Airline Plc
- Deap Capital Management & Trust Plc
- Resort Savings & Loans Plc
- Staco Insurance Plc
- Standard Alliance Insurance Plc
- DN Tyre & Rubber Plc
- FTN Cocoa Processors Plc
- Goldlink Insurance Plc
- International Energy Insurance Plc
- Aso Savings and Loans Plc
- UNIC Diversified Holdings Plc
- Union Dicon Salt Plc
- Union Homes Savings and Loans Plc
A circular which the NSE made public reads: “Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them”.
Following the extended due date granted by NSE, all unaudited financial statement of trading companies was due for submission on June 29.
In a statement which Godstime Iwenekhai, Head of NSE listings regulation department signed, a deficiency filling notice went to the companies from the NSE. They notified the companies of their infraction and gave them mandate to make public disclosures about it.
The companies were also to state the reason for the violation as well as a possible date for publication of the pending financial statement. The companies failed to comply with that.
According to the NSE, the companies could also face suspension if they don’t comply and file their unaudited financial statement. They have 90 days to remedy the situation.
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