Cyprus Stock Exchange Suspends Trading for Multiple Companies Over Non-Submission of 2023 Financial Reports

The Cyprus Stock Exchange (CSE) has announced the suspension of trading for several companies listed on both the Regulated Market and the Emerging Companies Market, following their failure to submit and publish their annual financial reports for the year ending December 31, 2023.

In an update, the CSE stated that, pursuant to its earlier announcement on May 16, 2024, trading for the following companies on the Regulated Market will be suspended starting August 21, 2024. The affected companies include A. Tsokkos Hotels Public Ltd, Dome Investments Public Company Ltd, Unifast Finance & Investments Public Company Ltd, and Karyes Investment Public Ltd.

The CSE clarified that the suspension is in line with Article 183 of the Cyprus Stock Exchange Law, which mandates that if a listed company does not comply within three months of being transferred to the Surveillance Market due to the non-submission of financial results, the CSE must proceed with trading suspension. This directive is further outlined in Circulars CSE 01-2018 and 02-2018, dated January 23, 2018.

The announcement also noted that the suspension for these companies will remain in place for two months, until October 21, 2024, or until they submit the required financial information.

In addition, the CSE revealed that following the May 16 announcement, trading for several companies listed on the Emerging Companies Market will be suspended, effective August 22, 2024. The companies affected by this decision include Mr. Pengu Public Company Ltd, Rianeson Investments Plc, G.A.P. Vassilopoulos Public Ltd, Meditrina Cyprus Plc, and The Reputation Exchange Plc.

The CSE reiterated that this suspension is also in accordance with Article 183 of the Cyprus Stock Exchange Law. The law stipulates that companies which fail to submit and publish their financial reports within three months of being flagged on trading boards and price lists on the Emerging Companies Market will face trading suspension, as detailed in Circulars CSE 01-2018 and 02-2018 dated January 23, 2018.

The CSE concluded by stating that "the trading suspension for these Emerging Companies Market companies will be enforced for two months, until October 22, 2024, or until compliance is achieved."

By fLEXI tEAM