Trading in the shares of Sterling Bank has been suspended on the floor of the Nigerian Exchange Limited.
According to a notice issued by the NGX in its weekly report of activities, the suspension was in preparation for a restructuring of the bank.
The report stated, “The suspension is necessary to prevent trading in the shares of the bank in preparation for 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.
“The suspension is required to determine the shareholders who will qualify for the scheme.”
Meanwhile, the bank had requested an extension in the deadline for the filing of its annual financial statements for the year ended 31st December 2022
The Company Secretary and Chief Legal Officer, Temitayo Adegoke, in a notice to the NGX said that it was working with its auditors to finalise the AFS by the revised deadline of 30th April 2023.
She emphasised that the bank’s commitment to regulatory compliance and transparency 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.”
