ATH Under Trade Suspension
ATH is expected to submit its audited financial statements to South Pacific Stock Exchange (SPX) by the end of October, after it failed to release its annual audited reports to the market within the stipulated timeframe.
Thursday 05 October 2023 | 16:10
Authorities remained tightlipped yesterday over concerns surrounding trade suspension at Fiji’s principal telecommunications holding company.
Amalgamated Telecom Holdings Limited’s (ATH) voluntary suspension is linked to its financial accounts.
ATH is expected to submit its audited financial statements to South Pacific Stock Exchange (SPX) by the end of October, after it failed to release its annual audited reports to the market within the stipulated timeframe.
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ATH and the exchange said the delay in submitting annual audited reports was owed to:
The change in the financial year-end from March to June, combined with other internal and external factors, necessitated adjustments to reporting requirements.
Changes in International Standards on Auditing that required an extension of the auditing scope in areas such as documentation and detailed examination of certain financial transactions.
SPX said it would monitor ATH’s audit process to ensure the group’s audited financial accounts for the period ended June 30, 2023, were released.
ATH’s financial year ended on June 30, 2023.
In July 2022, SPX lifted the trade suspension on Fiji Television Limited (FTV) shares.
FTV shares had been suspended from April 1, 2021.
This was done amidst processes that FTV was engaged in relation to the implementation of necessary controls of the entity’s systems and procedures.
The disclosures noted as a result, a recall and re-issue of FTV’s 2020 Audited Financial Statements and the restatement of financial figures for the years 2018 and 2019.
SPX lifted the suspension given improvements in the entity’s financial standing, internal control, and governance procedures.
Feedback: jernese.macanawai@fijisun.com.fj
