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Business News

NSE lifts suspension on Omatek Ventures’ shares

Omatek Ventures Plc has taken the required steps to unsuspend its shares on the Nigerian Stock Exchange (NSE).

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Omatek Ventures’ shares make stock market return as NSE lifts suspension

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).

Omatek Ventures’ shares make stock market return as NSE lifts suspension

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.”

[READ MORE: NSE lifts suspension placed on shares of two insurance firms)

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.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Hospitality & Travel

NGX lauds Transcorp Hotels over operational efficiency

Transcorp Hotels Plc achieved business continuity by enhancing the organization’s operational efficiency.

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COVID-19: Transcorp Hotel loses about N1 billion every month- CEO

The Nigerian Exchange (NGX) Limited has lauded the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency.

NGX also congratulated the Group on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.

This was disclosed by the Divisional Head, Listings Business, NGX, Mr Olumide Bolumole, when the management of the Hotel led by the Managing Director (MD)/Chief Executive Officer (CEO), Transcorp Hotels, Mrs Dupe Olusola, presented its Facts Behind the Figures to capital market stakeholders.

Speaking at the event, Mr Bolumole said, “Recently, NGX hosted the CEO, Transcorp Hotels Plc, Mrs Dupe Olusola to a digital Closing Gong Ceremony to commemorate the formal listing of their ₦10Billion rights issue.

We are pleased that Transcorp Hotels has again chosen to utilise our platform to engage the market about the financial performance as well as strategic and operational developments within the organization.

The Exchange recognizes the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency. We congratulate you on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.”

What Transcorp is saying

Olusola noted that “Despite the adverse effect of the COVID 19 pandemic on all our business segments, Transcorp Hotels Plc remained resilient and took a critical and fundamental decision to remain open and maintain operations at both the Transcorp Hilton Abuja and Transcorp Hotels Calabar.

Our primary goal was to survive as individuals and as a business, to adapt and to thrive in a new, changing, and unprecedented environment. Post-COVID-19 starting from September, we recorded an improvement in all our KPIs as compared with the industry performance.

Hotflex

Today, leisure has become very important to us more than ever. As a hospitality business, we will constantly continue to challenge ourselves to ensure that we meet the diverse customer needs and provide excellent experience across all touchpoints.”

What you should know

Given that information asymmetry affects the decision-making of investors, NGX continues to encourage more issuers to take advantage of its platform to deliver timely, relevant, and accurate information to the market.

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Business News

Lagos State inaugurates 9-member committee to boost Entertainment & Tourism

The Lagos State Government inaugurated a Committee Chaired by Veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.

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Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each

The Lagos State Government inaugurated a Committee Chaired by veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.

The Committee was inaugurated by Lagos State Governor, Babajide Sanwo-Olu on Wednesday at the Lagos House in Marina, citing that intervention and schemes by the state Committee will boost and fund the sector most affected by the pandemic.

Veteran Nollywood actor, Richard Mofe-Damijo, is the Chairman of the nine-member committee. Other entertainment sector members of the Committee include Tunde Kelani, Mo Abudu, Kunle Afolayan, Peace Anyim-Osigwe; while government representatives in the Committee are Adebukola Agbaminoja, Ferdinand Tinubu, Taju Olajumoke and Mrs Funke Avoseh.

What the State Government said

“The scheme is to support creative ideas of movie and entertainment producers, who are constrained by funds to bring their concepts into reality. Applicants are to be supported with funding based on the financial plans of their projects, the grant may be as much as N40 million for each beneficiary.

This is a signpost of all pockets of intervention we have created for the development of creativity and the tourism sector. This is with the belief that we can further raise the status of our creative output and commercialise the returns to a level where it can compete with Hollywood and Bollywood.

We realised most of our film production experts and directors face a lot of funding impediments. We are intervening to close this gap and bring credible veterans who have the knowledge and have demonstrated capacity in the industry to drive this project,” Sanwo-Olu said.

The Governor added that the State carefully selected five key practitioners in the industry to lead, to be supported by four government officials to limit bureaucracy for the committee to achieve its objectives.

He said the state wants to create entertainment and tourism business leaders who will use their creativity to enhance the market share of the sector.

“We want to support industry practitioners to raise capacity, support development of local content and discourage the action of taking proceeds from the industry out of the country, thereby denying local practitioners the benefits of their talents,” the Governor said.

What you should know

Recall Nairametrics reported last year that the Lagos State Governor, Babajide Sanwo-Olu, announced the approval of a N1 billion seed capital for investment in the tourism and hospitality sector in the state. The N1 billion seed capital is to help drive new growth in that sector.

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