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  • Business - Companies
  • Updated: July 14, 2020

Dangote Sugar, MRS Oil, Berger Paint Ban Directors, Others From Trading Their Shares

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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Dangote Sugar Refinery, MRS Oil and Berger Paint have both banned directors, advisers and individuals in their company's managerial role from trading its shares. Aside from the aforementioned persons barred, the three companies also banned their employees from trading activities that involve their company's shares.

The ban on low-level employees, directors and others was announced as Dangote Sugar Refinery, MRS Oil and Berger Paint prepare to release their company's unaudited financial statements for the second quarter and commenced their closed period. The individuals are expected to stay away from these companies stocks from different dates - differs by company - until 24-hours after the unaudited financial result has been submitted.

[READ ALSO: Aliko Dangote Tightens Market Grip, Acquires Rival, Savannah Sugar]

Dangote Sugar Refinery

The company which recently acquired Savannah Sugar, said in a statement obtained by AllNews from the Nigerian Stock Exchange (NSE), that, "In compliance with Rule 17:17 to 17:18 of the Issuers’ Rules, Dangote Sugar Refinery Plc hereby announces the commencement of a Closed Period for the trading of the Company’s Shares.

"The Company wishes to notify the Exchange and the investing public that a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, July 29, 2020, to consider the draft unaudited financial statement of the Company for the period ended June 30, 2020.

"Consequently, the Closed Periodcommences from today July 14, 2020, till 24 hours after the filling of the Results for the period ended June 30, 2020. No insider of the Company, including its Directors, Employees, Advisers, and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period. All Dangote Sugar Refinery Plc Insiders have been duly informed."

MRS Oil Nigeria Plc

MRS Oil's closed period will also start from today (which is when the ban will take effect), July 14, 2020, just like Dangote Sugar, "In line with the Post listing requirements of The Nigerian Stock Exchange (The Exchange), Notice is hereby given that there will be a meeting of the Board of Directors of MRS Oil Nigeria Plc (the Company)on Wednesday, July 29, 2020, at 10:00, am, to deliberate on the 2020, 2nd Quarter Unaudited Results (Q2 UFS 2020), amongst other things.

"Consequently, there will be a closed period from Tuesday, July 14, 2020, till twenty-four (24) hours after filing the Q2 UFS 2020 with The Exchange. All Insiders and related persons are duly informed and prohibited from trading in the Company’s shares, during this period." A statement from MRS Oil disclosed.

[READ ALSO: Total, FCMB, C & I Leasing Announce Closed Period As They Prepare Financials]

Berger Paints Plc

Meanwhile, for Berger Paints, the company's closed period will start tomorrow, July 15, 2020, "This is to inform the Nigerian  Stock  Exchange and our stakeholders, that the  Board of Directors of Berger Paints Nigeria Plc (BPN)will be meeting on Thursday, July 30, 2020, to, amongst other matters, consider the Company’s 2020 UnauditedFinancial Statements (Accounts).

"Consequently, a ‘Closed Period’ will be observed from Wednesday, July 15, 2020, till twenty-four hours after the Accounts are filed with the Nigerian Stock Exchange (NSE), in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015). Within   this   period,   Directors,   persons   discharging   managerial   responsibility and Advisers or their connected persons are not allowed to deal in the securities of BPN." Berger Paints said in a statement obtained by AllNews.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

More From this Author

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