Trading in the shares of Diamond Bank Plc has been placed on full suspension following the court sanction of the Scheme of Merger with Access Bank Plc.
The Nigeria Stock Exchange (NSE) in a notification to its dealing members on Wednesday disclosed this, stating that the full suspension takes effect from March 20.
READ ALSO: Gunmen Allegedly Attack Muslims In Osogbo
On its website, it stated that, “dealing members are hereby notified that following the court sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank has been placed on full suspension.”
According to NSE, the suspension was required to prevent trading in the shares of the bank in order to determine shareholders who would qualify to receive the scheme consideration.
It noted that Diamond Bank obtained the court sanction of the scheme on March 19, being the effective date of the scheme.
The NSE stated that the bank’s shareholders passed a resolution approving the merger between Diamond Bank and Access Bank Plc at the court ordered meeting of the bank held on March 5.
The exchange will delist Diamond Bank from the daily official list at the exchange after the merger.