The Nigerian Stock Exchange, NSE, has placed the shares of Union Homes and Savings Plc on full suspension. By full suspension, stockbrokers are not permitted to execute any transaction on the shares of the company within the stipulated period.
This, according to a regulatory filing obtained by Vanguard, is pursuant to a March 10 2015 directive of the Securities and Exchange Commission, SEC and will enable Union Homes and the holders of its fully paid ordinary shares conclude the Scheme of Reorganization of Capital between them.
The suspension, according to the exchange took effect on Monday16 March and will be terminated on Friday, 20 March 2015, while normal trading resumes on the shares on Monday, 23 March 2015. Union Homes, a subsidiary company of Union Bank of Nigeria Plc is Nigeria’s leading mortgage finance institution. Since its inception in 1994, it has continued to excel in its operations in Nigeria’s housing sector.
It provides mortgage finance services, builds estates, funds estate developers and estate development, supports investors in housing schemes even at state government levels, and purchases houses and estates for resale to corporate and private customers within and outside Nigeria.