NGX Halts Shares Trading In Sterling Bank

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The Nigerian Exchange Limited has suspended the trading of shares in Sterling Bank.

The suspension which took effect on Thursday is in preparation for a restructuring of the bank,  according to a notice issued by the NGX in its weekly report of activities.

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."

Also, the bank has requested an extension for the filing of its annual financial statements for the year ending December 31, 2022.

Temitayo Adegoke, the Company Secretary and Chief Legal Officer, in a notice to the NGX said that it is working with its auditors to finalise the annual financial statement by the revised deadline of April 30, 2023.


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