The Nigerian Exchange Limited’s trading floor has halted all activity in Sterling Bank shares. The suspension, according to a notification sent by the NGX in its weekly report of activity, was done in order to get the bank ready for a restructure.
According to the newspaper, “The suspension is required to prohibit trading in the bank’s shares in advance of the plan of arrangement between the bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the bank.
To identify the shareholders who will be eligible for the plan, the suspension is necessary. In the meanwhile, the bank had asked for a delay in the submission date for its annual financial results.