The NGX Regulation (NGX RegCo), the self-regulatory organisation (SRO) that regulates trading on Nigerian Exchange (NGX), has suspended trading in the shares of Greif Nigeria Plc.
The suspension followed the decision of the directors and shareholders of Greif Nigeria to wind up the company.
Shareholders of Greif Nigeria Plc had at their annual general meeting in January, 2022, authorised the commencement of the process of voluntary winding up of the company.
voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up”.
NGX RegCo stated that the suspension, which took effect on June 20, 2022 was” to ensure a smooth winding up process”.
“This is in line with Section 624 of CAMA 2020 which provides that “a transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void,” NGX RegCo stated.
