The Trinidad and Tobago Stock Exchange Limited (TTSE) has suspended Mora Ven Holdings Limited from the Stock Exchange, for failing to submit financial statements, effective Friday, February 1st.
The announcement came via a statement by the TTSE, saying it was in keeping with Rules 600 (8) and 601 (5) of the Stock Exchange rules.
Rule 600 (8) which relates to audited quarterly financials states: "The Exchange may suspend trading in a company’s shares for failure to submit financials within the stipulated timeframes."
Rule 601 (5) states the exact thing, but that rule applies to audited annual financials.
The rules of the Stock Exchange states that "every listed company shall submit to the Trinidad and Tobago Stock Exchange (TTSE) two (2) hard copies and one (1) electronic copy of their Quarterly Financial statements for the first three (3) quarters of the financial year within forty-five (45) days of the end of the period to which the statements relate."
Mora Ven Holdings Limited is an independent oil and gas company which produces and sells oil and gas from offshore in Trinidad and Tobago.
The company explores for and produces hydrocarbons from its field off the South-East coast of Trinidad.
It also manufactures, sells, installs, and repairs solar water heaters and photovoltaic systems.