Sasfin Holdings may face a possible suspension or removal from the Johannesburg Stock Exchange (JSE).
This was after the company failed to submit its financial statements within the JSE’s deadline period.
The JSE informed shareholders on Monday that Sasfin had failed to submit its financial statements in the three-month period that was given by the exchange.
The JSE has now warned Sasfin that its listing on the bourse is in jeopardy and could be suspended or expelled from the exchange if they do not publish their financial statements by the end of October 2023.
Sasfin did note on September 29 that its annual financial results for the year ended June 30, 2023, would be delayed.
The company said the reason for this was a delay in the finalisation of the audit process, according to News24.
The company said that its audit would be done by October 13. The company has not met this date or deadline and has informed shareholders that it would require more time.
Sasfin said that they expect the results to be published or released by the end of October.
AFRICAN BANK AND SASFIN
Last week, African Bank noted that the company had finalised a R3.2 billion deal with Sasfin.
The billion-rand deal is to acquire some of Sasfin’s business units in an effort to continue African Bank’s expansion agenda.
African Bank group executive for business banking, Zwelibanzi Manyathi said that the bank expects the capital equipment and commercial property finance businesses it has acquired from Sasfin to contribute to its bottom-line revenue growth in its asset book.
When news of the African Bank sale broke Sasfin share price was trading at R31 on Friday. Today, the share price is trading at R28. At 12:40, the share price dropped by almost 4%, or 3.45%.