Sasfin Holdings failed to submit its annual financial statements within the JSE’s deadline and now faces possible suspension or removal.
The JSE informed shareholders this morning that Sasfin failed to submit its annual financial statements within the three-month period stipulated in the bourse’s listing requirements.
Accordingly, the company’s listing on the JSE has been annotated with an ‘RE’ to indicate that they have failed to submit their annual financial statements timeously.
The listing of Sasfin’s securities on the JSE is also under threat of suspension and possible removal, the bourse said.
If the company still fails to submit its annual financial statements on or before 31 October 2023, then its listing may be suspended.
This follows news last week that African Bank is acquiring Sasfin Bank’s Commercial Equipment Finance (CEF) and Commercial Property Finance (CPF) businesses.
African Bank said the acquisition aligns with its Excellerate25 objectives, which aim to offer a more compelling listing proposition to the investor market.
Zweli Manyathi, the head of African Bank business banking, said the acquisition will diversify their business banking’s revenues, asset classes, and risk profile.
“By bringing Sasfin Bank’s CEF and CPF businesses under our umbrella, we will see a significant opportunity in enhancing the average risk-adjusted revenue,” Manyathi said.
It also allows them to offer transactional banking solutions, including transactional accounts, internet banking, and mobile solutions tailored for businesses.
“We will be integrating the commercial property finance book and its dedicated team into our existing ABL/GBL CPF business,” he said.
As of the end of February 2023, Sasfin Bank’s gross CPF lending book was valued at approximately R820 million.
The team, comprising five professionals responsible for managing the CPF business, will join African Bank to ensure the seamless continuity of services and expertise.
At the time of writing, Sasfin has not released a statement related to the late submission of its annual financial statements.