Sterling Bank shares trading suspended by NGX

Nigerian Exchange Limited (NGX) suspended trading of Sterling Bank shares on its floor as part of preparations for a bank restructuring, according to a notice in its weekly report of activities.

The report which took an effect on Thursday 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.”

In addition, Sterling Bank requested an extension for the filing of its annual financial statements for the year ended 31st December 2022, with the revised deadline set for 30th April 2023.

In a notice to the NGX, the bank’s Company Secretary and Chief Legal Officer, Temitayo Adegoke, highlighted the bank’s top priority of regulatory compliance and transparency, while also stating that they are working with auditors to finalise the AFS.

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.”