Fiji’s stock exchange (SPX) has suspended trading of Fijian Holdings Limited shares indefinitely.
The suspension comes after the exchange halted trading of shares of Fiji Television, an FHL subsidiary.
SPX said in a statement that they had to halt FTV shares trading after the television station’s external auditors requested to recall and re-issue its financial statements for the financial year 30 June 2020.
This will also include the restatement of financial figures for the financial years 2018 and 2019.
The impact of the recall and re-issue of FTV’s financial results as at 30 June 2020, means their half-yearly financial results as at 31 December 2020 will be delayed as well, subsequently delaying the release of FHL’s financial results for the same period.
“Due to this reason, FHL…believes that a voluntary suspension in trading of its shares will prevent unnecessary speculation and ensure investors only trade on up-to-date information,” SPX said.
The SPX did not say when the suspension will be lifted, only saying that such measures are provided for, under section 73.2 of its listing rules, “for whatever period it believes is appropriate in the circumstances and made subject to compliance with such conditions as SPX things proper.”
Before the suspension came into effect, FHL shares, at 99 cents per unit, were most traded, accounting for more than 50% of total trading on the exchange, and the second highest in terms of trade value. It has been one of the most active on the trading platform for the third consecutive week.
