SPX suspends Fiji TV trading
February 26, 2021 12:42 pm
The South Pacific Stock Exchange Pte Limited has placed a suspension in trading of Fiji Television Limited shares with immediate effect.
SPX has also today announced that it has approved a request for voluntary suspension in trading made by Fiji TV’s parent company, Fijian Holdings Limited with immediate effect.
SPX says the decision to suspend Fiji TV trading was made in light of the request made by the company stating that its external auditor wishes to recall and reissue the financial statements for the financial year ended 30th June 2020.
This will also include restatement of financial figures for financial years 2018 and 2019.
As such, Fiji TV’s half-yearly financial results as at 31st December 2020 is anticipated to be delayed for public disclosure until the amended financial results as at 30th June 2020 is re-issued.
SPX Acting Chief Executive, Pretesh Prasad, as for FHL, this is after Fiji TV was told to recall and re-issue its financial statements for the financial year ended 30th June 2020.
He says due to this reason, FHL also anticipates a delay in the release of its half-yearly financial results as at 31st December 2020 and believes that a voluntary suspension in trading of its shares will prevent unnecessary peculation and ensure investors only trade on up-to-date information.
Prasad says the suspension is granted in accordance with Section 73.2 of the SPX Listing Rules which stipulates as follows:
“SPX may grant a trading halt or Suspension for whatever period it believes is appropriate in the circumstances and made subject to compliance with such conditions as SPX thinks proper.”
As per the requirements, licensed broker representatives will not be able to execute FHL orders until further notice.
This comes after Fiji TV recently became embroiled in several internal matters, including three staff members being terminated.
One staff member was earlier today sentenced to three years imprisonment, while the investigation continues on other matters.