The board of Royal Exchange Plc, on Thursday filed for waiver to delay filing of its audited result beyond the regulatory deadline of March 31, 2017 until April 28, citing its holding company structure, which means it has to report to five different regulators of its different subsidiaries.
Consequently, the company in a statement to the Nigerian Stock Exchange (NSE), explained that “the audit exercise for the group is yet to be consolidated and concluded, as some of our subsidiaries are yet to submit their accounts to their various primary regulators for approval.”
The statement assured that “once all the subsidiaries obtain approval for their financial statements, consolidation of the group’s accounts will be concluded and approved by the board of directors for onward submission to the NSE and the Securities & Exchange Commission (SEC).”
The statement is optimistic that the exercise would be concluded before April 28, 2017