The Nigerian Stock Exchange (NSE) has lifted the suspension placed on Afromedia Plc. This, according to the NSE, is as a result of the company’s compliance with rules for the filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).
In a statement made available by the NSE to the investing public, the Nigerian bourse stated that Afromedia Plc has now filed its outstanding financial statements.
The statement read in parts:
“IN VIEW OF THE SUBMISSION OF THE COMPANY’S ACCOUNTS AND PURSUANT TO RULE 3.3 OF THE DEFAULT FILING RULES, WHICH PROVIDES THAT ‘THE SUSPENSION OF TRADING IN THE ISSUER’S SECURITIES WILL 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 WAS INITIALLY NOTIFIED OF THE SUSPENSION”, DEALING MEMBERS ARE HEREBY NOTIFIED THAT THE SUSPENSION PLACED IN THE TRADING OF THE SHARES OF AFROMEDIA PLC WAS LIFTED TODAY, MONDAY, 8 APRIL 2019.”
Afromedia Plc, which came into being and became autonomous on October 28, 1959, is one of Nigeria’s leading supplier of Out-of-Home media services to the advertising industry.
Originally, Afromedia Plc was a small service arm of West Africa Publicity (WAP). The latter, itself, was incorporated in 1928 as part of the parent United Africa Company Limited (UACL).
However, in 1959, and out of need to meet the requirements of an international convention which did not permit a single organisation to run both agency services and media contracting services, two companies were formed by the parent UAC conglomerate. The companies were namely: Afromedia Nigeria Limited which was created to handle outdoor services, and Lintas Limited which was to handle agency work. Both were run as two independent members of the UACL Group.