The Nigerian Stock Exchange has lifted suspension placed on the shares of Omatek Ventures Plc, one of the 17 companies suspended for failure to meet the deadline for accounts submission.
The X-Compliance report obtained from The Exchange stated that the companies were suspended in pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
Companies suspended by NSE: NSE suspended trading in the shares of Aso Savings & Loans, Omatek Ventures, Nigerian German Chemicals, Roads Nigeria, Evans Medical, Union Homes & Savings and DN Tyre & Rubber, among others.
Other listed firms that were affected were STACO Insurance, Unic Diversified Holdings, Resort Savings & Loans, Goldlink Insurance, Standard Alliance Insurance and FTN Cocoa Processors.
Omatek trading back on track: A statement disclosed that, “Omatek Ventures Plc, one of the 17 companies that were suspended on July 5, 2017, has now filed its outstanding financial statements with the Exchange.
“In view of the company’s submission of its audited financial statements and in pursuant to Rule 3.3 of the default filing rules, which provides 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.”
It added that, “Dealing members are hereby notified that the suspension placed on trading on the shares of Omatek Ventures was lifted today, Tuesday, December 31, 2019.”
The Exchange is expected to communicate this new directive through its portal where the public and SEC were notified of the suspension.
Dust hasn’t settled at Omatek: Bank of Industry (BOI) had shut down Omatek following the company’s inability to finance its debt. Omatek was accused of defaulting on its credit facility agreement with BOI and has refused to service the N5.81 billion which it obtained in 2012.
According to the development bank, all effort to retrieve the debt has proved abortive despite promises of financing from the company’s management.