Thursday, June 4, 2020

BBS complete 2018 financial audit

Local banker – BBS Limited has announced that it has substantially concluded an audit of its 2018 financials. 

The semi-commercial bank said in an update to the capital markets and its shareholders this week that once the audit and other processes have been concluded, the financials will be circulated through electronic platforms and the print media by the end of April 2020. 

The capital market and investors have been eagerly waiting for BBS limited to publish it pending financial results whose delay has been directly linked to an external audit. 

In August 2019, BBS issued a statement saying that its external auditors – KPMG are expected to kick start the finalisation of the audit of the company’s 2018 financials. 

At the time, BBS also said that KPMG will be better placed to make estimates on the time left before the audit of the financials is closed.

SUSPENDED 

AS per the BSEL Trading and Listing rules the banker’s shares which trade on the Serala over the counter board remain suspended. The shares have been on suspension for over several months now. At the time of suspension, in April 2019, the BBS Limited board said the suspension should not cause undue concern to shareholders.  

“Shareholders are advised that while they are unable to trade in BBS Limited shares for the time being, the development should not cause undue concern”, BBS Limited board said in April 2019.

Fast forward to August 2019, while not giving much light, the board said that the delay to conclude the audit is “disappointing to all concerned” adding that the shares remains suspended until the audited financials are released. 

However, in its August communiqué to the shareholders and capital market players, the BBS Limited board could not shed light on the possible new date for the AGM. 

“The date for the Annual General Meeting will be announced in due course”, reads part of the cautionary statement published on 15 August 2019.

Fast forward to November BBS says, “The delay in concluding the audit for the period ended December 2018 has had an impact on the timelines of the demutualisation process. Details will be provided at the meeting of Shareholders whose date will be announced in due course”

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