By Victor Baatweng
The only listed security company on the local bourse – G4S Botswana Limited has failed to release its audited financial results within the Botswana Stock Exchange Limited’s listing regulation stipulated time.
On Monday the company confirmed the latest development through a cautionary statement to the capital markets stating that the delay was due to the finalisation and the audit of IFRS 9 assumptions and its tax effect.
The company has since been placed on the default board by the local bourse joining a few other blue chip companies.
G4S Botswana joins amongst others Choppies Enterprise Limited and BBS Limited who have also attracted the eyes of investors due to failure to release financial results on time. The indigenous banker – BBS Limited last week got its first suspension since listing at the local bourse after it failed publish its annual financial results.
Both G4S Botswana and BBS limited joins BBS Limited joins the notorious retailer – Choppies Enterprises Limited which has been making headlines for failure to submit both its full year and its interim results.
The BSEL listings and trading requirements demand that listed companies which fail to publish their financials within three months from the financial year end be placed on default board. Furthermore non-complying companies run the risk of having the trading of their shares suspended and a possible termination of the companies’ listing on the bourse.