Nigeria Exchange Limited has officially suspended Sterling Bank’s shares trading.
The suspension, according to a notice sent by the NGX in its weekly report of activity, was done to get the bank ready for a restructuring.
According to the report, the suspension was required to stop trading in the bank’s shares in advance of the scheme of arrangement between the bank and the owners of its fully paid ordinary shares, each worth 50 Kobo, for the bank’s restructuring.
“The suspension is required to determine the shareholders who will qualify for the scheme.”
In the meantime, the bank has asked for a delay in the submission due to its annual financial statements for the year ending December 31, 2022.
Temitayo Adegoke, the company’s secretary and chief legal officer, informed the NGX in a notification that the company was collaborating with its auditors to complete the AFS by the new date of April 30, 2023.
She emphasized that the bank’s dedication to transparency and regulatory compliance remained its top priority.
The letter to the Nigerian 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.”
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