- Emphasises it remains a strong going concern
- Financial results delayed
- KPMG to speed up process
Shares of aspiring commercial banking outfit, BBS Limited, remain suspended on the Botswana Stock Exchange’s SME board, pending finalisation and release of the aspirant’s audited financial results for the period ending December 2018, the company announced on the domestic bourse.
“In respect of the delay in concluding the audit for the period ending December 2018, we would like to provide an update and reiterate our commitment to ensuring that the audit is completed,” the company recently announced. “We are pleased to inform you that significant progress has been made in addressing the issues that impeded the conclusion of the audit.”
BBS is headed by Managing Director (MD) Pius Molefhe.
It said the corrective work was being finalised and the external auditors, KPMG, were expected back on site within the next two weeks. “When on site, KPMG will be engaged on how long it will take for the audit to be closed and you will be advised accordingly,” BBS explained. “While the delay in concluding the audit is disappointing to all concerned, BBS reiterates its prior communications that it remains a strong going concern. We are still well poised to create long term value for shareholders going into the future. Nonetheless, trading in BBS Limited shares remains suspended until the audited financials are released. Also, the date for the Annual General Meeting will be announced in due course.”
Post demutualisation, BBS commenced trading on the BSE’s Serala OTC board, a platform meant for small and medium enterprises to facilitate for secondary trading of shares in companies that list not to raise capital but to familiarise themselves with the stock exchange.
BBS started trading on the Serala OTC Board on Tuesday 4 September 2018 and was the first company ever to trade under that platform. The BSE, under the stewardship of Thapelo Tsheole as CEO, established the Serala OTC Board for less strict trading and listings requirements in quest of attracting small and medium enterprises to the domestic bourse.
BBS Managing Director Pius Molefhe said the listing was geared towards becoming a commercial bank. “BBSL will graduate to the BSEL main board in a period of 18 months,” said Molefhe.
This will enable the shareholders of the bank, who are over 5,000 to trade their shares on the BSE and also present an opportunity to other Batswana who do not have shares in BBSL, to buy the shares. BSEL CEO, Tsheole, said the BBSL shares will be traded like any other on the BSEL.