Friday, March 01, 2019
05:50PM / NSE
The Board of Directors and Management of Guinea Insurance Plc wishes to inform the general public that it will be unable to submit its 2018 Audited Financial Statement within the regulatory timeline of 31 March, 2019 as required by the Nigerian Stock Exchange Rules for Filling of Accounts and Treatment of Default Filling.
Guinea Insurance Plc being an Insurance Company is subject to a primary regulator, the National Insurance Commission (NAICOM), and is affected by the adoption and implementation of IFRS 9 on Financial Instruments, and IFRS 4 (as amended) on Insurance Contracts.
The implementation of the two accounting standards will delay the completion of the audit process, and submission of the 2018 Audited Financial Statement on time.
We sincerely apologize for any inconvenience caused and are optimistic to submit the Accounts to the Exchange as soon as it is approved by NAICOM.
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