Access Bank has announced that its closed period, which was initially slated to take place between January 1 to 29, 2020, has been postponed.
The closed period would allow the lender to commence the filings of its financial statements for year-ended December 31, 2019.
Nairametrics learnt, in a statement obtained from the website of the Nigerian bourse, that the bank has declared a Closed Period in respect of transaction on its securities from January 2020 to such date as will be subsequently announced in compliance with the Listing Rules of the Nigerian Stock Exchange.
It stated, “This is to notify the Exchange of the suspension of the earlier announced Closed Period and resumption of the normal transaction on the Bank’s shares. New dates for commencement of the Closed Period and Board meeting to approve the Group’s Audited Financial Statements will be announced in due course.”
[READ MORE: Forte Oil to observe closed period of trading)
What this means: Accordingly, no director, employee, person discharging managerial responsibility, adviser of the Company and their connected persons may directly or indirectly, deal in the securities of the Company in any manner during the Closed Period.
Meanwhile, the board of directors of Access Bank Plc had announced that it would have a crucial meeting on January 29, 2020, for the consideration of the company’s financial statements for the year ended December 31, 2019.
“This is to inform the Nigerian Stock Exchange (NSE) that a meeting of the board of directors of Access Bank Plc has been scheduled for Wednesday, January 29, 2020, to consider and approve the group’s audited financial statements for the financial year ending December 31, 2019,” it said.
Meanwhile, Access Bank has been the busiest bank in terms of merger and acquisition to grow its financial capabilities and expand its customer base. After the completion of consolidation with Diamond Bank, it has gone ahead to seek growth beyond the shores of Nigeria, especially Kenya.
Nairametrics had reported that Access Bank planned to acquire Transnational Bank Limited after receiving confirmation from the Competition Authority of Kenya. The acquisition will see Access Bank takeover 93.57% of Transnational Bank Limited.