The Nigerian Stock Exchange yesterday released its X-Compliance Report on forty-nine (49) quoted firms due to various reasons ranging from Non rendition of Audited Financial Statements, Regulatory issue, Company in liquidation, Voluntary delisting due to harsh economic climate and Regulatory delisting due to non-compliance to the Post-Listings Rules.
One (1) of the firms, Wema Bank Plc, is said to be Awaiting Bank/Insurance Regulatory Approval of its 2011 Audited Financial Statements, thirty-six (36) others are said to be performing Below Listings Standard while the remaining twelve (12) are placed on Delisting in Process.
Also, eight (8) firms are classified to be transparent in disclosure as they engage in various schemes such as scheme of agreement, merger, special placing, rights issues and capital reconstruction exercise. Such firms includes: Stanbic IBTC Bank, First Bank, Transcorp, Cornerstone Insurance, Linkage Assurance, Rak Unity, ETI, African Paints and Starcomms Plc.
However, the following companies have submitted their Statements of Affairs:
Golden Guinea Breweries Plc
Stokvis Nigeria Plc
Nigerian Sewing Machine Plc