Four-month suspension of trading of Softlogic Holding shares lifted

Friday, 19 April 2024 00:20 - - {{hitsCtrl.values.hits}}

The trading suspension imposed on shares of Softlogic Holdings PLC will be lifted with effect from today as the company has submitted Annual report for the year ended 31 March 2023.

Trading of SHL shares was first suspended on 7 September 2023 due to non-submission of Annual Report for the year ended 31 March 2023.

The suspension was lifted on 5 December after the Company submitted Interim Financial Statements for the quarters from 30 September 2022 to 30 June 2023 and again suspended on 8 December 2023 for Non submission of Annual Report for the year ended 31 March 2023.

The delay in submitting the Annual Report was due to the need to resolve matters pertaining to qualified audit opinion in the Group financial statement for FY22 in consultation with relevant parties.

Given further delay and resultant non-compliance of Listing Rules, the CSE in March imposed a penalty of Rs. 111,111 on each director of the Softlogic Holdings Board in terms of the SEC Directives.

The Annual Report for FY23 was released on Wednesday (17 April) whilst Interim Financial Statement for the period ended 31 December 2023 (first nine months of FY24) was released on 15 March.

For FY23, SHL reported a Group after tax loss of Rs. 23.6 billion. In 3Q of FY24, Group PAT improved 76.7% to trim the losses to Rs. 1.7 billion while taking cumulative first nine months losses to Rs. 10.5 billion (post-adjustments) compared with Rs. 13.9 billion loss in the comparative period.

Retained losses as at 31 December 2023 amounted to Rs. 64.5 billion, as against Rs. 41.7 billion a year ago and Rs. 51.5 billion as at end FY23.