Novartis Group (01360) announced that on December 14, 2023, the company has received a letter from the Stock Exchange containing guidelines for the resumption of trading of the following companies' shares on the Stock Exchange:
(a) In accordance with the requirements of section 13.50A of the listing rules, where the company's accountants do not express an opinion on the company's financial statements for the year ended June 30, 2023, there is indeed no need to issue a non-opinion and disclose sufficient information so that investors can make an informed assessment of the company's financial situation;
(b) Conduct an independent internal control review to prove that the company has established sufficient internal controls and procedures to comply with the listing rules; and
(c) Disclose all material information to the market so that the company's shareholders and investors can evaluate the company's condition.
As stated in the resumption of trading guidelines, companies must comply with all resumption guidelines, remedy the matters that led to the suspension of trading, and fully comply with the listing rules to satisfy the Stock Exchange before their securities are allowed to resume trading. To this end, the company bears the main responsibility for formulating its action plan to resume trading. Although the company may seek guidance from the Stock Exchange on its plan to resume trading, it is not required to obtain prior approval from the Stock Exchange before it is implemented.
Furthermore, trading continues to be suspended.