The Nigerian Exchange Limited has notified the investing public that it has lifted the suspension placed on trading in the shares of Presco Plc for default in filing its financials as when due.
According to the report, NGX stated: “We refer to our Market Bulletin dated 11 July 2023 with Reference Number: NGXREG/LRD/MB26/23/07/11 wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Presco Plc for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), which provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; Suspend trading in the Issuer’s securities; and c. Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
it noted that Presco Plc, whose securities were suspended on 11 July 2023, has now filed its outstanding financial accounts.
“In view of the Company’s submission of the outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states 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. The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted.
“Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Presco Plc was lifted on August 3, 2023.”
For the six months ended June 2023, Presco Plc recorded sales of N48,072.09 million compared to N 41,709.8 million a year ago.
Net income was N15,083.17 million compared to N13,474.82 million a year ago. Basic earnings per share from continuing operations were N15.08 compared to N13.47 a year ago.
Diluted earnings per share from continuing operations was N15.08 compared to N13.47 a year ago.
Presco closed its last trading day (Friday, August 4, 2023) at N220.00 per share on the Nigerian Stock Exchange (NGX).
The company began the year with a share price of N137.50 and has since gained 60 per cent in price valuation.