Resumption of Citizen Life Insurance Company Trading: NEPSE Lifts Suspension

Nepal Stock Exchange Limited (NEPSE) has lifted the suspension on trading of securities for Citizen Life Insurance Company Limited (CLI), allowing CLI to resume its trading activities following a temporary halt due to delays in CLI's submission of information regarding dividend declaration for the fiscal year 2079/80.

NEPSE's official statement referenced CLI's failure to promptly provide details about the dividend declaration, as mandated by the Securities Listing Regulations, 2075, which require companies to furnish notices, information, and decisions impacting securities prices to NEPSE before business commences.

NEPSE's notice highlighted the events leading to CLI's suspension, disclosing that CLI's board initially announced a dividend on Baishakh 23, 2081, but retracted it during their 107th board meeting on Baishakh 25, 2081, due to lack of approval from the Nepal Insurance Authority. NEPSE suspended CLI's trading to safeguard investor interests and market integrity, pending clarification from CLI.

Following NEPSE's request, CLI promptly explained within three working days, requesting the release of its securities transactions on NEPSE and appealing for exemption from the suspension, emphasizing its commitment to regulatory compliance.

Despite CLI's explanation, NEPSE issued a warning to CLI in its decision dated 2081/01/30, instructing the release of the suspended securities transactions and stressing CLI's obligation to fully adhere to Securities Listing Regulations, 2075, and the terms of the listing agreement.