Newrest will delay its 2016 financial report

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Newrest plc will not be releasing its report as expected. The company said it is looking for an extension from the Nigerian stock exchange till the 30th of April to release the reports due to delay from some of its subsidiaries.

”The Board of Directors and Management of Newrest ASP. Nigeria Plc hereby advises its esteemed shareholders and other stakeholders with regret that it has been unable to submit Its 2017 audited financial statements to the Nigerian Stock Exchange (NSE) and Securities & Exchange Commission (NS) within the time frame require by the regulatory agencies.

This had been unanticipated as the Company had expected to finalize the audit and publish its 21:111. financial statements by March 31. 2017. As a holding company with three 13) subsidiaries., the audit exercise of the Company is yet to be finalised as a result of the yet to be concluded audit of one of the Company’s Subsidiaries with operations outside Nigeria.

Both Management and the External Auditors of the Company, Akintola Williams Deloitte are optimistic that the final financial statements of the company will tie available on or before 30th April, 2017. We undertake to submit the audited financial statements ‘bathe NSE and SEC and publish same Immediately following the above date. We have applied to the ME for a filing extension in line with the above.