By Kayode Tokede
Chams, an Africa-focused provider of intelligent business solutions has notified the Nigerian Exchange Limited (NGX) and the investing public of the completion of its balance sheet restructuring exercise following the receipt of regulatory approvals.
The Balance Sheet Restructuring exercise was earlier approved by a special resolution at the Extra-Ordinary General Meeting of the Company held on April 24, 2018.
A notification at the NGX signed by Yetunde Emmanuel Company Secretary/Head, Legal Services said the exercise was executed with the creation of the Balance Sheet Restructuring Account “for the purpose of effecting all necessary accounting entries in line with statutory requirements;
“The sum of N5,458,750,000 as at October 31,2017 was transferred from the Share Premium as a credit to the BSRA.
“The negative balance of N5,458,750,000 as at 31st October 2017 was transferred from the Retained Earnings Account to the BSRA.”