Tuesday, March 05, 2019
04:15PM / NSE
The Management of Royal Exchange Plc would like to advise our esteemed shareholders, key stakeholders and the investing community that from available information, the Company will not be able to submit its 2018 Audited Financial Statements for the year ended 31st December 2018 as well as the Unaudited Financial Statements for the period ending 31st March, 2019 to the Nigerian Stock Exchange (NSE) within the timeframe required by the NSE.
As a holding company with five (5) different subsidiaries, the audit exercise for the Group is yet to be concluded due to the adoption of IFRS 9 and IFRS 4 (as amended for insurance contracts).
The regulator of our two main insurance subsidiaries, the National Insurance Commission (NAICOM), recently issued guidelines for implementation of the Standards and held a stakeholders meeting with insurance companies on the 12th of February, 2019.
The implementation of these new accounting standards will undoubtedly delay the completion of the audit process and submission of the 2018 Audited Financial Statements and consequently the Unaudited Financial Statements for the period ending March 31st 2019.
Once all the subsidiaries have obtained approval for their respective Financial Statements, consolidation of the Group’s accounts will be concluded and approved by the Board of Directors for submission to both the NSE and Securities & Exchange Commission (SEC).
We are optimistic to submit the 2018 Audited Financial Statements and the Unaudited Financial Statements for the period ending March 31, 2019 to the NSE on or before June 30th 2019.
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