Nigerian Stock Exchange (NSE) has lifted the suspension on Goldlink Insurance Plc after 18 months. Goldlink’s suspension was lifted following the submission of its outstanding Audited and Interim Financial Statements to The Exchange.
In a statement signed by Godstime Iwenekhai, Head, Listings Regulation Department, the regulator disclosed that the suspension of trading in the Issuer’s securities was lifted upon submission of the relevant accounts.
Recall that in July 2017, NSE issued a notice suspending trading in the shares of 17 companies for non-submission of their results. According to the regulator, the suspension is in line with its guidelines which gives it the powers to suspend any quoted company that did not release its results within a stipulated period.
The suspension became effective on July 5, 2017, and includes a list of 17 companies out of which 7 are insurance firms.
The suspended companies include the followings:
- African Alliance Insurance Plc
- Equity Assurance Plc
- Fortis Microfinance Bank Plc
- Guinea Insurance Plc
- Premier Paints Plc
- Resort Savings & Loans
- Sovereign Trust Insurance Plc
- African Paints (Nigeria) Plc
- Aso Savings & Loans Plc
- Ekocorp Plc
- Evans Medical Plc
- Goldlink Insurance Plc
- Great Nigeria Insurance Plc
- Omatek Ventures Plc
- Union Dicon Salt Plc
- Union Homes Savings & Loans Plc
- Universal Insurance Company Plc
A laudable move?
The NSE was criticised by a section of investors (Nairametrics inclusive) for taking too long to wield the big stick on rogue listed companies who continue to flout listing rules, despite the obvious risk they pose to investor funds.
The Exchange has had a history of seeing quoted companies that are yet to release any result embark on bullish runs leading to gains of over 100% in some cases. Union Dicon, which is included in this list, some mid-2016 rallied from about N10 to N17 despite not having released its results. It is often considered an anomaly for a listed company that has failed to produce any results or corporate action for years, suddenly see its share price mount a bullish run.
About the firm
Goldlink Insurance Plc was incorporated on April 15, 1992, as a private limited liability company and granted the license to operate as a full-fledged insurance company on September 8, 1993.
Goldlink traded N0.53 on the floor of the NSE as at Friday, February 15, 2019.