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Suspension of Fiji Sugar Corporation

5/10/2010
 
PRESS RELEASE
 
Suspension of Fiji Sugar Corporation
 
The Board of South Pacific Stock Exchange (SPSE) has in a meeting earlier today resolved that trading in Fiji Sugar Corporation (FSC) will now be suspended until further notice.
 
The suspension comes in light of the fact that FSC does not have a sufficient level of working capital. One of the requirements of the SPSE Listing Rules is for listed companies to have at least 12 months working capital. This rule aims to provide investors and shareholders with certain safeguards with their investment.
 
The Exchange will contact FSC to establish the direction in which the company is headed in order to ascertain the next steps to be taken. The SPSE has decided to suspend trading in FSC shares to ensure that the interest of all investors and shareholders are protected and that an orderly market is maintained. 
 
Suspension of trading in FSC shares will be lifted as soon as the SPSE considers that FSC has become compliant with the SPSE Listing Rules.
 
All licensed members of the Exchange will not be able to execute FSC orders until the suspension is lifted. However settlement of all trades prior to the suspension will be carried out in accordance with SPSE rules.

Should you require any further information on the issue, please do not hesitate to contact us.
 
 
Jinita Prasad                    
Chief Executive
05/10/2010
 
Market Statistics

 

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