Stanbic Holdings Limited has suspended the trading of its Shares on the Ugandan Stock Exhange, the USE Chief executive officer has said.
In a notice, Paul Bwiso said that the bank institution is undergoing reorganization through the formation of a holding company adding that the reorganization could have an effect on the price of the company shares.
“In order to facilitate the conclusion of the transaction without disrupting the price of the company’s shares,Uganda Securities Exchange has today approved an application to voluntary suspend the trading of the company’s shares on the USE with effect from 1st April 2019 up to and including 9th April 2019,” the statement read in part.
The suspension comes a few days after Stanbic announced a 45.7 per cent profit from KSh6.277 billion recorded for the financial year 2018 compared to the KSh4.309 billion earned in 2017.
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