STACO Notifies of the Approval of the NSE to extend the time to file its 2018 AFS

Proshare

Wednesday, March 06, 2019 10:21AM / NSE

 

Staco Insurance Plc (the “Company”) wishes to notify The Nigerian Stock Exchange (The Exchange), our esteemed shareholders and other stakeholders that the Company has obtained the approval of The Exchange for extension of time to file its Audited Financial statements for the year ended 31 December 2018 (“2018 Audited Financial Statements”), on or before 30 June 2019.

The extension of time to file the 2018 Audited Financial Statements is imperative as the Company is in the process of obtaining an approval of the Audited Financial Statements for the year ended 31 December 2017 from its primary regulator, the National Insurance Commission (NAICOM). In addition, the implementation of IFRS 9 on Financial Instruments and IFRS 4 (as amended) on Insurance Contracts would occasion a delay in the finalization of the Company’s 2018 Audited Financial Statements, thereby resulting in a delay in the submission of the 2018 Audited Financial Statements to The Exchange.

We reaffirm our commitment to the submission and publication of the 2018 Audited Financial Statements within the extended timelines.


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