In accordance with its X-Compliance report, which requires quoted companies to disclose activities that could affect investments, the Nigeria Exchange Regulation Company Limited has issued a caution letter to Julius Berger Plc.
This is due to insider dealings in shares during the closed period, which violated the provisions of Rule 17:18 of the X-Compliance requirements.
According to the NGX statement, “Every listed company is required to provide NGX with timely information to enable it to efficiently perform its function of maintaining an orderly market.”
It added, “In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interests are made in the media or via the Issuers’ Portal.”
The NGX Regulation Company Limited stated that companies are also required to disclose material information to NGX and publish the information in their Annual Reports.
Julius Berger Nigeria Plc is a leading player in the construction industry, covering buildings, infrastructure projects, and industrial facilities.
