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Nigerian Exchange Limited (NGX) has suspended trading of Sterling Bank shares on its floor. This decision was made in preparation for a bank restructuring, according to a notice in its weekly report of activities. The suspension took effect on Thursday and is required to prevent trading in the shares of the bank until the scheme of arrangement between the bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the bank is determined. The suspension is necessary to determine the shareholders who will qualify for the scheme.
In addition, Sterling Bank has requested an extension for the filing of its annual financial statements for the year ended 31st December 2022. The revised deadline has been set for 30th April 2023. The bank's Company Secretary and Chief Legal Officer, Temitayo Adegoke, highlighted the bank's top priority of regulatory compliance and transparency in a notice to the NGX. The bank is working with auditors to finalize the AFS.
The letter to the Nigerian [/b]bourse stated that "In continuing compliance with the post-listing requirements of the NGX, the previously announced closed period which commenced on 1st of January 2023 will continue until 24 hours after the AFS for the year ended 31st of December 2022 is released on the floor of the Exchange."
