The Nairobi Securities Exchange (NSE) has suspended trading in the shares of Atlas African Industries Ltd (Atlas) after the company failed to appoint another Nominated Advisor (Nomad) within 30 days following the resignation of the company’s Nominated Advisor and broker in respect of its listing on the London Stock Exchange.
In a notice sent to market participants, the exchange noted, “The Nairobi Securities Exchange enforced the halt against the company pursuant to rule 9.4.2 of the Nairobi Securities Exchange Equity Trading Rules, and the halt was due to remain in force until the company regularized its non-compliance in London. The Capital Markets Authority has directed the Exchange to revise the trading status of Atlas African Industries from a Security Halt and now Suspend trading of the shares for an initial period of 90 Days effective from May 8, 2017.”
The NSE also said they have been continually engaging the company in order to resolve the issue in the best interests of shareholders but Atlas had been very reluctant.
“During the suspension period, the Exchange will continue to engage the company towards the achievement of an orderly resolution of the Company’s affairs, with particular respect and attention to the interests of its shareholders and the Exchange.” added NSE.
Share Price Performance.
Trading in Shares of Atlas was halted in October and last traded at Sh 1.05 per share as shown in the chart below.