Investors of Access Bank Plc may have to wait a little bit more for the second quarter financials of the company as the bank has said it would be unable to meet the deadline for quoted companies.
According to the Nigerian Exchange Group (NGX) companies are expected to release their audited interim second quarter financial report on or before August 29, 2021.
Access Bank in a statement to the investing public published on the NGX on Thursday blamed the strategic business combinations across jurisdictions for the late submission.
Recall that Access Bank had made a series of acquisitions between late 2020 and the First Half of 2021.
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It had acquired Grobank Limited in South Africa, African Banking Corporation in Mozambique, Transnational Bank in Kenya and Cavmont Bank Limited in Zambia.
The integration of these acquisitions into the operation of Access Bank were cited as reasons for the failure to meet the deadline, while also blaming regulatory approval.
Access Bank now plans to release its Q2 financial report for 2021 on or before September 10, 2021, “In view of the foregoing, NGX has approved an extension of time to publish the Results.” the lender said.
As the firm delayed publication of its financials, Access Bank ordered its board of directors, staff, consultants, relatives, and other related parties to stay away from its shares in the capital market.
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The directive is in line with NGX listing rules, which forbids company insiders from trading in the quoted firm’s stock during the period their organisation is collating its financial reports.
This is to ensure insiders don’t take advantage of their knowledge of a company’s private information by selling off or buying shares of their firm – such a period is called a “closed period”.
“The Bank’s insiders are hereby reminded that the earlier declared closed period in respect of transactions in the Bank’s securities remains in place until 24 hours after the release of the Results.” Access Bank directed.