STDINSURE Notifies on Late Submission of AFS for Period Ended 31st December, 2018

Proshare

Thursday, February 14, 2019 06:02PM / NSE

 

The Board of Directors and Management of Standard Alliance Insurance Plc (“Standard Alliance” or “the Company”) wishes to inform The Nigerian Stock Exchange (The Exchange) its esteemed shareholders and other stakeholders that it will be unable to submit its 2018 Audited Financial Statements (2018 AFS) within the regulatory timeline of 30 March 2019 as required by The Exchange’s Rules on Filing of Accounts and Treatment of Default Filing e Exchange).

The late filing had been unanticipated as the Company had expected to finalize the audit process and publish the 2018 AFS on time. The reason for the delay in filing of the 2018 AFS is because of the directive of our primary regulator - National Insurance Commission (NAICOM) to reconstitute the Board of Directors of the Company. This directive was also the reason the Company is yet to hold its 2018 Annual General Meeting. The Company has commenced the reconstitution exercise as directed and hope to complete it soon.

We sincerely apologize for any inconvenience caused and are optimistic to submit the Accounts to The Exchange as soon as it is approved by the NAICOM.

We are optimistic that submission will be done on or before the 30th of June, 2019.

This publication can also be found on the company’s website: www.sainsuranceng.com



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