Ububele Holdings: Exchange suspends trading in shares

TRADING in Ububele Holdings stock has been suspended by the JSE after the company’s business rescue practitioners petitioned the bourse. In a Stock Exchange News Service announcement yesterday, Ububele notified shareholders that trade in its securities had been suspended with immediate effect while the rescue practitioners from Mazars sorted out the litany of problems, including the resignation of all company directors en masse, a dysfunctional board of directors and an inoperational audit committee. “The company is not in a position to incur audit fees and therefore cannot continue with the appointment of an auditor and cannot ensure the timeous preparation and release of financial information pursuant to the JSE listings requirements,” the announcement read in part. Ububele announced earlier this month that it was entering into rescue proceedings. The AltX-listed agricultural services firm said the business rescue practitioners were implementing a sale process in terms of which it was hoped that all or a majority of the assets of the company would be disposed of. The shares were suspended at 8c. – Staff writer