Five companies could be kicked off the JSE
Five South African companies could be suspended or removed from the JSE for failing to publish their financial statements on time.
The JSE announced on Tuesday, 17 June 2025, that African Dawn Capital, Brikor, Efora Energy, Copper360, and Visual International Holdings face these risks.
The exchange said these companies failed to submit their condensed or annual financial statements within the three-month period stipulated in the JSE’s Listings Requirements.
Accordingly, these five companies’ securities are under threat of suspension and possible removal from the JSE.
According to the JSE’s Listings Requirements, if an issuer has not complied with the three-month deadline and has not released its results by the end of the fifth month after its financial year-end, the issuer’s listing will be suspended.
After this, the JSE will convene a meeting to consider whether to continue suspending or removing the issuer’s listing.
The suspension may be lifted after the JSE receives the issuer’s annual financial statements and is satisfied that they comply with the relevant Reporting Guides.
There are various reasons companies have given for not submitting their financial statements on time, including delays with the auditing process or cybersecurity incidents that delayed their finalisation.
Regardless of their reasons, several companies have been suspended from the JSE for late submission of financial statements.
For example, on 3 June 2025, Wesizwe Platinum was suspended from the JSE for not publishing its Audited Annual Financial Statements and Integrated Annual Report for the year ended 31 December 2024 within the prescribed period.
However, the company said it is working diligently with its auditors and is committed to publishing these documents by no later than 31 July 2025. After this, the company will request that the JSE lift the suspension.
These Listings Requirements are relevant to all companies with securities listed on the JSE, and even state-owned enterprises have been threatened with suspension.
For example, in November 2024, the JSE announced that Eskom failed to submit its annual financial statements for the year ending March 2024 by its deadline.
The JSE issued a statement to warn holders of Eskom’s debt securities that the utility has failed to submit its financial information on time.
In addition, the exchange said that the listing of Eskom’s debt securities and the registration of their programme memorandums are under threat of suspension and possible removal.
While Eskom managed to avoid this suspension, it showed that all companies with securities on the JSE must comply with the exchange’s Listings Requirements.
Below is an overview of the five companies that could be suspended from the JSE for failing to submit their financial statement within the required timeframe.
Five companies facing suspension
African Dawn Capital
African Dawn Capital was founded in 1998 as a micro-finance business. Following its listing on AltX in 2004, it grew into a niche finance provider specialising in micro-finance, debtor discounting and structured property finance.
Since 2014, the company has undergone significant changes to “position itself for a new future”, according to its website.
Today, the Group has two operational entities, Elite Group, the lending platform, and YueDiligence. The company believes both these assets have huge potential but need funding.
This is the second time in two years that African Dawn Capital has faced suspension from the JSE. In July 2024, the company was suspended for the same reason it faces suspension now.
On 2 June 2025, African Dawn Capital informed shareholders that its audited annual financial statements and its annual report for the year ended 28 February 2025 would be delayed.
The company said it expects to publish these statements by 30 June 2025 and distribute its Annual Report by 31 July 2025.
However, it did not provide any reason for this delay in its 2 June SENS announcement.
Brikor
Brikor manufactures and supplies building and construction materials used across a broad spectrum of applications from low-cost housing to residential, commercial, industrial, civil engineering and infrastructure projects.
The Brikor Group operates through two segments, Bricks and Coal, and is based in Nigel, Gauteng. The company has been listed on the JSE’s AltX since August 2007.
Brikor warned shareholders on 29 May 2025 that its results for the year ended 28 February 2025 are delayed.
It cited “circumstances beyond Brikor Board and Management’s control” as the reason for this, and added that Brikor’s results are expected to be released in mid-June 2025.
Efora Energy
Efora Energy is a South African-based oil and gas company with a focus on delivering energy for Africa by using the continent’s own resources to meet the significant demand expected over the next decade.
Efora was incorporated on 1 February 1993 under the name Manga-Chem Products Proprietary Limited.
The company was listed on the venture capital sector of the securities exchange operated by the JSE on 19 October 1994.
It was incorporated for the purpose of establishing a manganese sulphate manufacturing and marketing business.
On 12 December 2008, the company transferred its listing from the venture capital sector of the securities exchange operated by the JSE to the ‘Mining – Integrated Oil and Gas’ sector on the exchange’s main board.
On 8 November 2017, the company formally began trading under the new name of Efora Energy.
On 30 May 2025, Efora notified shareholders of a delay in the release of its annual financial statements for the year ended 28 February 2025, which were expected to be released by 31 May 2025.
The company said it expects to publish these statements by 30 June 2025 and would provide shareholders with further updates in due course.
It did not provide a reason for the delay in the publication of its results.
Copper 360
Copper 360 was listed on the JSE as the only South African primary producer of copper through environmental clean-up.
The company identified copper deposits in the Springbok area of the Northern Cape at mines abandoned by other large copper producers.
Copper 360 stated that most of the copper ore deposits on its fields had been pre-developed by previous mining companies before the copper price slump in 1994.
Unlike the abovementioned companies, Copper 360 has yet to inform shareholders of a delay in the publication of its results.
However, the company released a trading statement on 30 May 2025 about its results for the twelve months ended 28 February 2025.
In this statement, the company warned shareholders that its basic loss per share and headline loss per share are expected to have increased by at least 100%, compared to its 2024 financial year.
It attributed the decrease in earnings to operating losses due to lower-than-expected feed grade, one of its plants being placed into care and maintenance, the commissioning of a new plant, and lower-than-expected revenue.
Copper 360 said its results for the financial year ended 28 February 2025 will be published by no later than 30 June 2025.
Similarly to African Dawn Capital, this is the second time in two years that Copper 360 faces suspension from the JSE for failure to submit its financial statements on time.
Visual International Holdings
Visual International Holdings is a property company based in the Western Cape with three primary divisions: property development, property holdings, and property services.
Some of its projects include Stellendale Village, Stellendale Park, King Arthur Village & Mews, La Retreat Village, Imperial Bank Terraces, and 142 Edward Street.
Similarly to Copper 360, Visual International Holdings did not directly inform shareholders of a delay in the publication of its financial statements.
However, on 9 May 2025, the company announced a change in auditors, as it appointed Moore Infinity as its independent external auditor to replace LDP Chartered Accountants and Auditors.
This change took effect from 7 May 2025, and Visual explained that it was initiated by LDP.
LDP reportedly told Visual that it was the only listed company they audited, creating an excessive administrative burden, and they did not want to continue auditing listed companies.
Along with African Dawn Capital and Copper 360, Visual also faced suspension from the JSE in July 2024 for the same reason it faces suspension now.
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