NGX places NEM Insurance Plc on full suspension following the proposed share capital reconstruction
NGX places NEM Insurance Plc on full suspension following the proposed share capital reconstruction
The Nigerian Stock Exchange (NGX) has placed NEM Insurance Plc on full suspension following the proposed share capital reconstruction. A memo to this effect reads:
Further to our market bulletin of 7 December 2021 with reference number: NGXREG/LRD/MB54/21/12/07 regarding the proposed share capital reconstruction of NEM Insurance Plc (NEM Insurance or the Company), trading in the shares of NEM Insurance Plc was suspended on Friday, 10 December 2021.
The suspension was effected pursuant to the proposed share reconstruction/redenomination of the nominal value of NEM Insurance’s issued ordinary shares from N0.50 each to N1.00 each by the consolidation of every two (2) shares held by each shareholder into one (1) share. The suspension is necessary to enable NEM Insurance to reconcile its share register towards implementation of the proposed share consolidation.
