TheCable

Nigerian Exchange Limited (NGX) says it has suspended trading in the shares of Sterling Bank Plc.

In its weekly report of market activities, the local bourse said the suspension took effect on Thursday.

NGX said the suspension was in preparation for a restructuring of the bank.

“Trading License Holders and the investing public are hereby notified that trading in the shares of Sterling Bank Plc (the Bank) was suspended on Thursday, 30 March 2023,” the report reads.

“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the Scheme of Arrangement between the Bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the Bank.

“The suspension is required for the purpose of determining the shareholders who will qualify for the scheme.”

Sterling Bank is concluding arrangements for its transition from a commercial banking group to a holding company (HoldCo).

Once substantive authorisation is received, the bank gets a licence to veer into other businesses within financial services including pensions, insurance, asset management and fintech.

The NGX also said its top five price gainers of the week which ended on March 31, 2023, were Oando, Ikeja Hotel, Champion Brew, Royal Exchange and UPDC PLC.

On the flip side, Prestige Assurance, NCR (Nigeria) PLC,  CWG PLC, Dangote Sugar Refinery and United Capital PLC led top five losers.