JOHANNESBURG - South Africa’s bourse said on Monday it may suspend trade in the bonds of retailer Steinhoff if the company’s delayed financial results are not published before the end of February.
“In terms of the debt listings requirements they have until 31 January to publish their year-end results. The requirement then provide issuers with an extra month grace period. Failure to publish by the end of February could result in suspension,” said Andre Visser, the General Manager of Issuer Regulation.
Steinhoff International said earlier this month that it was seeking some liquidity to the tune of R3bn from its existing funders to ease off its financial woes.
The group said 60m would be made available today.
This news comes after Steinhoff announced yesterday that Jayendra Naidoo became the fourth high-profile person to leave the scandal-rocked company this month when he resigned as a member of its supervisory board.
Markus Jooste started the exodus when the group admitted to accounting irregularities dating back to December 2015. Jooste was followed by chairperson Christo Wiese, who had taken over the reins as executive chairperson after Jooste left last month.
At the beginning of the year, chief financial officer Ben la Grange also resigned, bringing the number of high-profile executives to leave the troubled retailer to a total of three.