The Jamaica Stock Exchange (JSE) has suspended trading in shares of EduFocal Limited and Equityline Mortgage Investments Corporation Limited.
The companies had failed to submit audited financial statements for the 2023 financial year, the JSE said in a statement on Tuesday, hours after the close of trading at 2pm.
The suspension will take effect immediately.
The suit is over preferred shares of Equityline Mortgage Investments Corporation Limited.
The Canadian mortgage finance company listed its preferred shares on the JSE Main Market in 2019.
EduFocal, an online learning and exam preparation platform run by entrepreneur Gordon Swaby, is a member of the JSE’s Junior Market and was listed in 2022.
JSE rules require listed companies to file quarterly financial reports and audited annual reports to provide regular reporting on the company’s performance.
Under Main Market Rule 408, companies are required to file audited annual reports within 90 days after the end of their financial year.
“Immediately after the relevant board meeting is held and within 90 days after the end of the company’s financial year, every listed company must file two paper copies and one electronic copy of its audited annual financial statements with the stock exchange,” the rules state.
Under Appendix 2, Part 4(2) of the JSE’s Junior Market Rules, listed companies are also required to file their audit report within 90 days of the end of their financial year, which in Edufocal’s case was 31 December 2023.
The JSE Junior Market allows investors to put capital into legitimate small and medium-sized businesses.
The JSE said trading in both companies’ shares would be suspended until they file audited annual financial statements.
neville.graham@gleanerjm.com
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