Stock Exchange of Mauritius Suspends Trading of Crytel Mauritius Shares

The Stock Exchange of Mauritius (SEM) has announced the suspension of trading for Crytel Mauritius Ltd shares on the Official Market, effective after market close on May 31, 2024. This decision follows Crytel Mauritius' failure to comply with the Listing Rules regarding the timely publication of its financial statements.

Crytel Mauritius was required to publish its financial statements for the year ended December 31, 2022, by the extended deadline of April 15, 2024. Despite the extensions granted by the SEM, the company did not meet this deadline. The SEM has invoked Rule 3.9 (b), with the approval of the Listing Executive Committee, to suspend trading of Crytel Mauritius shares until the financial statements are published.

Crytel Mauritius, incorporated on September 16, 2020, holds a Global Business Licence and owns two metal trading subsidiaries. The company had projected significant growth, with a revenue target of $2 billion in 2022 and $3 billion in 2024. The projected net profit was $33 million for 2022 and $50 million for 2024.

Why this matters: The suspension of trading of Crytel Mauritius shares by the Stock Exchange of Mauritius has significant implications for the integrity of the financial market and investor confidence. If not addressed, this could lead to a loss of trust in the market and potential financial losses for investors.

The SEM notified investors and the public of this suspension on May 28, 2024. The suspension will remain in effect until Crytel Mauritius publishes its outstanding financial statements for the year ended December 31, 2022. This measure aims to protect investors and maintain market integrity.

Key dates in this timeline include Crytel Mauritius' communique on February 19, 2024, regarding the publication of its financial statements, the extended deadline of April 15, 2024, and the SEM's announcement on May 28, 2024. The suspension will take effect after market close on May 31, 2024.

The SEM's decision highlights the importance of compliance with financial reporting requirements for listed companies. Investors and market participants will be closely monitoring Crytel Mauritius' actions to rectify this situation and resume trading.

Key Takeaways

• SEM suspends trading of Crytel Mauritius shares due to late financial statements.
• Crytel Mauritius missed extended deadline of April 15, 2024, for 2022 financials.
• Suspension effective after market close on May 31, 2024, until statements are published.
• SEM aims to protect investors and maintain market integrity.
• Crytel Mauritius must publish outstanding financial statements to resume trading.