Zenith Bank Shrinks after Audited Report Delay Notice
The stock market value of Zenith Bank Plc shrinks marginally following announcement that the financial institution audited report will be delay for release. According to information obtained from the Nigerian Exchange, Zenith Bank market price declined to N42.50 as of Friday. It had opened the week at N44 per share before investors sentiment shifted negative.
Ajose Adeogun based Nigerian lender’s stock market valuation settled at N1.334 trillion, according to data obtained from the Nigerian bourse. It has more than 31 billion outstanding shares in the market,
Also, the bank is to arrange court order meeting to seek shareholders votes for plan to transit to holding structure like its immediate rivals. Its regulatory filing revealed that its more than 31 billion shares outstanding will be transfer to Zenith Bank Holding Company Plc in exchange for allotment of the same amount. Naira Suffers Big, CBN Goes Ballistic Against FX Whales
The bank told investors that it envisage that 2023 audited report submitted to the regulator may be delayed as it recently completed component audit of its subsidiary as requested for approval.
“We have communicated this to the Securities and Exchange Commission and NGX for extension of the time within which the bank will publish the audited financial statement for the year ended 31 Dec. 2023.
“The extension was to enable the bank receives all outstanding regulatory approvals relating to the component audit of the subsidiaries companies”, its company secretary, Michael Osilama Otu said in a regulatory filing. Zenith Bank Shrinks after Audited Report Delay Notice
The post Zenith Bank Shrinks after Audited Report Delay Notice appeared first on MarketForces Africa.