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South Pacific Stock Exchange suspends trading of Fiji TV and FHL shares

South Pacific Stock Exchange suspends trading of Fiji TV and FHL shares

By Vijay Narayan
Friday 26/02/2021
[Image: File Photo]

The South Pacific Stock Exchange has placed a suspension in trading of Fiji Television Limited and Fijian Holdings Limited shares with immediate effect.

This decision was made in light of the request made by Fiji TV and stating that its external auditor wishes to recall and reissue the financial statements for the financial year ended 30th June 2020, under the provision of the International Standard on Auditing (ISA) 560 – Subsequent Events.

This will also include a restatement of financial figures for financial years 2018 and 2019.

Fiji TV’s half-yearly financial results as of 31st December 2020 is anticipated to be delayed for public disclosure until the amended financial results as of 30th June 2020 is re-issued.

As the front-line regulator of the stock market, the Stock Exchange says it is absolutely critical for the SPX to ensure that the financial information submitted for public disclosure is a true and fair reflection of financial affairs to protect the interest of investors and to maintain orderly and fair trading of listed entities.

FHL’s voluntary suspension request is due to FHL being the parent company for Fiji TV.

Due to this reason, FHL also anticipates a delay in the release of its half-yearly financial results as of 31st December 2020 and believes that a voluntary suspension in trading of its shares will prevent unnecessary speculation and ensure investors only trade on up-to-date information.

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