Stanbic Bank Holdings Limited has suspended trading on the Kampala based Uganda Securities Exchange until further notice.
In a notice signed by Paul Bwiso, the USE chief executive officer, circulated on April 01, said that the institution is undergoing reorganization through the formation of a holding company. The notice further reads in part that the reorganization might have an effect on the price of the company shares.
By Monday morning (April 01), the company’s share price was quoted at Shs 30 according to the USE website. “In order to facilitate the conclusion of the transaction without disrupting the price of the company’s shares Uganda Securities Exchange has today approved an application to voluntarily suspend the trading of the company’s shares with effect from April 1, 2019 up to an including April 9, 2019,” the notice reads in part, “the public will be informed when the suspension is lifted.”
The suspension comes a few days after the bank announcing a 7% growth in net profit to Shs 215bn in 2018 compared to a year before.