Authorities at the Nigerian Stock Exchange (NSE) have suspended trading on the shares of Ikeja Hotel PLC in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company. The Securities and Exchange Commission (SEC) has been notified of the suspension. The suspension will be in place until further notice.
In a suspension notice, the Exchange stated that it has placed full suspension on Ikeja Hotel, implying that no trading will henceforth take place in the shares of the company. Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.
The Exchange noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between the major shareholders which has negatively impacted on the company’s governance structure”. The NSE stated that it acted pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015. The suspension took effect on November 10, 2016. Read more