THE Nigerian Stock Exchange, NSE, yesterday, directed managers of Real Estate Investment Trusts, REITS, and closed-end funds listed on the NSE to henceforth file quarterly and audited full year financial statements as part of new rules being proposed by the Exchange.
The NSE also said that REITs and closed-end funds listed on the Exchange would be expected to submit their key performance metrics on a weekly basis. In a notice on its website, the NSE said the financial statements and other performance metrics would be available to the public via its website and other NSE platforms.
It added that REITs and closed end funds listed on the Exchange will be reclassified from the Main Board to a separate board specially created for them under the equities market. “In addition, the fund managers will be required to post the information on their website. The information to be provided will include: net asset value (NAV), number of properties, property type/distribution, occupancy rates, delinquency rates on rents and average property age.”
The NSE stated that the proposed changes, which will be implemented over the next three quarters of 2017, are aimed at promoting transparency, disclosure, visibility and liquidity of listed REITs and closed end funds in the market. The changes will also make it easier for existing and potential investors to access information required to make investment decisions thereby contributing to the growth of these products in our market.
While saying that it planned to host the first REITs Workshop before the end of the second quarter of 2017, to further engage with the relevant stakeholders within the market .
Source:© Copyright Vanguard Online
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