The Nigerian Stock Exchange has slammed an Indefinite suspension on LASACO Assurance Plc for failure to complete its share capital reconstruction within the initial stipulated, reports The Gazelle News.com.
According to a circular issued by the Stock Exchange, the placement of the full suspension on trading on shares of LASACO Assurance was to determine shareholders eligibility for the share capital reconstruction as at the qualification date of Friday, 29 January, 2021.
According to the NSE, “the full suspension placed on trading in the shares of LASACO has been extended in order to enable the company complete the reconstruction exercise and to allot shares to eligible shareholders. The extended period of suspension is from Monday, 15 February, 2021 till further notice”.
Shareholders of LASACO Assurance had at the 39th Annual General Meeting on Tuesday, 8 October, 2020 approved the share capital reconstruction to enable the company meets the NAICOM new capital requirements for insurance business in the country.