Chagala Group Limited (LON:CGLO) has requested a suspension in trading of its shares as publication of the company's audited consolidated accounts for the year ended 31 December 2017 will be delayed beyond 30 April 2018 due to a delay in completion of their audit.
The London Stock Exchange main market-listed firm – which provides specialist services and facilities to the oil and gas industry in Kazakhstan – said the audit is currently expected to be completed by 15 July 2018.
The group said in a statement that the delay in completing the audit does not reflect any issues concerning the underlying trading or economic position of the company, which has continued in line with the board's previous expectations.
It also added that there are no matters in connection with the delay in completing the audit which, in the view of the board, need to be brought to the attention of shareholders.
As a consequence of the expected delay in the publication of the 2017 accounts beyond the four-month period from the year-end stipulated by the Financial Conduct Authority, the company said it has requested that its share-listing be suspended from today until the account’s publication.
Chagala added: “The imperative of the Board is to minimise the delay in completion of the audit and a further update will be given as soon as the Board is in a position to do so regarding the expected date of publication of the FY 2017 Accounts.”