The South Pacific Stock Exchange has released a statement informing investors and the public that trading in Fijian Holdings Limited (FHL) will now be suspended until further notice.
Chief executive Jinita Prasad says the suspension comes in light of continuous delays by FHL in addressing queries raised by the Exchange relating to the recent corporate governance audit report.
"The Exchange’s concern was whether there was any material information that was revealed in this audit particularly concerning any breaches of corporate governance."
"Since the Exchange is concerned that material information in the report that could be used by investors to make informed decisions about FHL may have been withheld from the market and since to date the Exchange has not received a satisfactory response, the Board has decided to take this step to ensure that all shareholders receive timely and accurate information and that an orderly market is maintained," Prasad said.
She says suspension of trading in FHL shares will be uplifted as soon as FHL addresses the queries raised by the Exchange to its satisfaction and fully complies with the continuing listing requirements of the SPSE Listing Rules.
"All licensed members of the Exchange will not be able to execute FHL orders until the suspension is uplifted. Settlement of all trades prior to the suspension will be carried out in accordance with SPSE rules."