SUSPENSION IN FIJI TELEVISION LIMITED SHARES

The South Pacific Stock Exchange Pte Limited (SPX) has placed a suspension in trading of Fiji Television Limited (FTV) shares with immediate effect.

This decision was made in light of the request made by FTV stating that its external auditor wishes to recall and re issue 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 restatement of financial figures for financial years 2018 and 2019.

As such, FTV’s half yearly financial results as at 31st December 2020 is anticipated to be delayed for public disclosure until the amended financial results as at 30th June 2020 is re-issued.

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

The suspension is in accordance with Section 71.1 (viii) of the SPX Listing Rules which stipulates as follows: “Circumstances where the SPX may halt or suspend trading for the protection of investors or the maintenance of an orderly and fair trading may include the following: in any other circumstance that the SPX considers proper in its absolute discretion.”

As per the requirements, licensed stockbroker representatives will not be able to execute FTV orders until further notice.