NGX halts Trading of Transcorp Shares

By victoria Malagu

The Nigerian Exchange Limited (NGX) has suspended trading in the Shares of Transnational Corporation Plc (Transcorp).

The NGX, in its Weekly Report, said that the Suspension was necessary to determine the Shareholders entitled to receive the Firm’s Reconstructed Shares.

The Exchange said that 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.

The Exchange 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 also confirmed that Lasaco Assurance had submitted its Audited Financial Statements for the year ended December 31, 2023, along with all outstanding Financial Documents.

The NGX said 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.

Also, the NGX 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 that the Brewer obtained the Approval of the Securities and Exchange Commission (SEC) for the extension.

The Exchange said: “We refer to our Market Bulletin of  September 4, with Reference Number: NGXREG/IRD/MB58/24/09/04 wherein the Market was notified that trading in Nigerian Breweries Plc’s Rights Issue of 22,607,491,232 Ordinary Shares of 50 Kobo each at N26.50 per share.

“On the basis of 11 new Ordinary Shares for every existing five Ordinary Shares held as at the close of business on July 12, 2024, opened on Monday, September 2 2024.

“Consequently, trading in Nigerian Breweries’ Rights will now close on October 18, 2024.”

On listing, NGX announced that trading in the September 2024 Issue of the Federal Government of Nigeria (FGN) Bonds was listed on the NGX on Friday.

The Regulator also stated that Flour Mills of Nigeria Plc’s N46bn five – year 22 per cent Series two Fixed Rate Senior Unsecured Bond due 2029 under the N200bn Flour Mills of Nigeria Plc Bond Issuance Programme were listed on the NGX on Tuesday.

Credit NAN: Texts excluding Headline