Presco Resumes Stock Trading as NGX Lifts Suspension

By Dipo Olowookere

The suspension earlier positioned on Presco Plc, which prohibited the buying and selling of its shares by traders, has been lifted, Enterprise Put up has confirmed.

In a disclosure obtained by this newspaper, it was gathered that the embargo was faraway from the corporate on Thursday, August 3, 2023.

Presco was one of many firms banned from buying and selling their shares on the Nigerian Alternate (NGX) Restricted final month for failing to file their monetary statements.

In a round signed by the Head of Listings Regulation Division on the NGX, Mr Godstime Iwenekhai, it was disclosed that the organisation has accomplished the needful, prompting the lifting of the suspension.

Because of this, regular buying and selling actions on the shares of Presco resumed as we speak, and on the shut of enterprise, it closed flat at N220 per unit, after buying and selling 506,071 items value N100.6 million in 103 offers.

“We confer with our Market Bulletin dated 11 July 2023 with Reference Quantity: NGXREG/LRD/MB26/23/07/11 whereby we notified Buying and selling License Holders and the investing public of the suspension within the buying and selling on the securities of Presco Plc (Presco or the Firm) for non-compliance with the provisions of Rule 3.1: Guidelines for Submitting of Accounts and Therapy of Default Submitting, Rulebook of The Alternate (Issuers’ Guidelines) (Default Submitting Guidelines), which offers that: If an Issuer fails to file the related accounts by the expiration of the Treatment Period1, The Alternate will: a. Ship to the Issuer a “Second Submitting Deficiency Notification” inside two (2) enterprise days after the top of the Treatment Interval; Droop buying and selling within the Issuer’s securities; and c. Notify the Securities and Alternate Fee (SEC) and the Market inside twenty- 4 (24) hours of the suspension.

“Presco Plc, whose securities have been suspended on 11 July 2023, has now filed its excellent monetary accounts.

“In view of the Firm’s submission of the excellent monetary statements, and pursuant to Rule 3.3 of the Default Submitting Guidelines, which states that; The suspension of buying and selling within the issuer’s securities shall be lifted upon submission of the related accounts offered The Alternate is happy that the accounts adjust to all relevant guidelines of The Alternate. The Alternate shall thereafter additionally announce by the medium by which the general public and the SEC was initially notified of the suspension, that the suspension has been lifted.

“Buying and selling License Holders and the investing public are hereby notified that the suspension positioned on buying and selling on the shares of Presco Plc was lifted as we speak, 3 August 2023,” the disclosure learn.