Crytel Mauritius Stock Frozen due to Non-Compliance

The Stock Exchange of Mauritius (SEM) has announced that it will suspend trading in Crytel Mauritius shares on the official market, effective after the market close on May 31, 2024. The suspension is a direct result of Crytel Mauritius’s failure to comply with the listing rules regarding the publication of its financial statements.

According to Listing Rule 3.9 (b), the company was required to publish its financial statements for the year ended December 31, 2022, by the extended deadline of April 15, 2024.

However, Crytel Mauritius has not met this deadline, leading to the suspension of its trading activities.

The SEM’s decision was approved by the Cotation Committee and will remain in effect until the company publishes its financial statements for the year ended December 31, 2022.

Crytel Mauritius, a company incorporated in Mauritius on September 16, 2020, is a global business entity that holds a 100% stake in two metal trading subsidiaries.

The company’s website highlights its growth prospects, with a projected revenue of $2 billion in 2022 and $3 billion in 2024, as well as a net profit of $33 million in 2022 and $50 million in 2024.

The suspension of trading activities is a significant development for Crytel Mauritius and its investors, as it highlights the importance of compliance with regulatory requirements.

The company’s failure to publish its financial statements in a timely manner has led to this suspension, which will remain in effect until the company rectifies the situation.

Investors and stakeholders to closely monitor the situation and seek further guidance from the company or relevant authorities regarding any updates on the suspension.

Source: Defi Media