Survival instincts; this is perhaps the best way of describing how National Insurance Corporation Limited (NIC) survived being suspended by the Uganda Securities Exchange (USE) for delaying the release of its 2012 financial statements.
The insurer published its results two months after the deadline set by the USE for listed companies. NIC, Uganda’s only locally listed insurer, was once again on the spot for delayed publication of financial statements for 2012.
NIC, in 2011 was suspended from trading on the Uganda Securities Exchange (USE) after it delayed to publish financial statements for 2010, leaving investors in suspense. This is the first time a company was suspended by the governing council of the USE for breaching rules by listed companies.
In 2012, NIC did survive being suspended by the USE and Capital Markets Authority (CMA) because once again, it had delayed to release the financials for 2011. Fast forward to 2013, investors were treated to a red “L
