JOHANNESBURG – Pressure is mounting on Blue Label Telecoms to release its annual financial statements and its notice of annual general meeting or face suspension of trading.
The JSE announced on Tuesday that it would move to suspend the group’s listing for the second time since last month in the interest of shareholders.
Blue Label, whose loss-making subsidiary Cell C has lost market share amid a competitive environment, closed at R2.94 on the JSE on Tuesday after gaining 1.73 percent.
The JSE said Blue Label had failed to distribute its annual financial statements and notice of annual general meeting within the four-month period stipulated in the JSE’s listing requirements. It said that the company’s listing had been annotated with an “RE” to indicate that it has failed to comply and that the listing of its securities was under threat of suspension and possible removal.
“If the abovementioned company still fails to distribute its annual report on or before October 31, 2019, then its listing may be suspended,” it said.