Labat Africa Limited, a prominent entity in the South African business landscape, has announced the termination of its audit services with Nolands Cape, its former auditors. This move comes as part of the company’s ongoing efforts to streamline its operations and enhance its compliance measures.
Quarterly Suspension Update
In accordance with the JSE Listings Requirements, Labat Africa is obliged to provide its shareholders with periodic updates on its status during the suspension period. As of 7 February 2024, Labat Africa has formally ceased its association with Nolands Cape and has duly informed the Johannesburg Stock Exchange (JSE) of this transition. The announcement regarding this change was made through the Stock Exchange News Service (SENS) on 10 January 2024.
Appointment of New Auditors
Labat Africa is currently in the process of appointing new auditors to oversee its financial reporting and compliance obligations. While the selection process is ongoing, the company assures stakeholders that it is diligently vetting potential candidates to ensure the highest standards of professionalism and competence. Further announcements regarding the new auditors will be made in due course.
Regaining Compliance with JSE Listings Requirements
The company anticipates that it will regain compliance with the JSE Listings Requirements upon the completion and issuance of its audited Annual Financial Statements. Additionally, Labat Africa aims to distribute its Annual Report to shareholders in a timely manner to further align with regulatory expectations and ensure transparency and accountability.
Conclusion
Labat Africa’s decision to terminate its audit services with Nolands Cape marks a strategic step in its journey towards enhancing corporate governance and regulatory compliance. With the appointment of new auditors underway, the company remains committed to upholding the highest standards of transparency and accountability in its operations.
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