JSE suspends trading in EduFocal and Equityline Mortgage Investments
Published:Tuesday | June 4, 2024 | 7:01 PM
The Jamaica Stock Exchange (JSE) has suspended the trading of shares in EduFocal Limited and Equityline Mortgage Investments Corporation Limited.
The companies failed to file audited financial statements for 2023, the JSE said in a statement Tuesday, hours after the 2 p.m. close of trading.
The suspensions are with immediate effect.
The action is against Equityline Mortgage Investments Corporation Limited's preference shares.
The Canadian mortgage financier listed its preference shares on the JSE's 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. It listed in 2022.
JSE rules require that listed companies report regularly on company performance by filing quarterly financial reports and audited annual reports.
Under Rule 408 of the main market, companies have up to 90 days after the close of their financial year to file audited annual reports.
“Immediately after the relevant board meeting has been held and within ninety (90) days of the company's financial year-end, every listed company shall forward to the Stock Exchange two (2) hard copies and (1) electronic copy of the Audited Annual Financial Statements,” the rule says.
Under the JSE's junior market rule Appendix 2, part 4 (2), listed companies are also required to submit audited reports up to 90 days after the close of their financial year, which, for Edufocal, ended December 31, 2023.
The JSE junior market allows investors to put capital into legitimate small and medium sized companies.
The JSE says trading in shares of both companies will remain suspended until each of them has submitted their audited annual financial statements.
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