The Nigerian Exchange has imposed a significant fine of N453.6 million on Guinea Insurance Plc for post-listing violations, according to the X-Compliance Report issued by the Exchange. These violations are related to the company’s failure to use the Issuers Portal to file essential information, which goes against the Issuers’ Portal Rules.
The X-Compliance Report, an initiative of the Nigerian Exchange Limited (NGX), aims to ensure market integrity and protect investors by providing compliance-related information on all listed companies. NGX-listed companies are required to maintain high disclosure standards prescribed in the Listing Rules, including the timely release of financial information and material events disclosures.
The violations noted in the X-Compliance Report are part of Schedule Five, which highlights breaches of certain provisions of the Listings Rules. The report emphasizes that all listed companies must provide timely information to NGX to maintain an orderly market. Companies are also required to obtain prior written approval from NGX RegCo before making media announcements that affect shareholders’ interests.
Guinea Insurance Plc, in recent developments, received regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per share in a private placement. This initiative gained unanimous approval from industry regulators, including the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group. It marks a strategic move by the insurance company to raise capital and strengthen its position in the market.
Guinea Insurance Plc’s CEO, Ademola Abidogun, highlighted the importance of the private placement initiative in seizing emerging opportunities, enhancing value for stakeholders, and securing future growth. The company is committed to maximizing returns for investors and partners, aiming to fortify its market position and improve customer experience.
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