The Johannesburg Securities Exchange (JSE) has withdrawn approval for Sagarmatha Technologies to list on its planned 13 April date.
According to a statement from Sagaramatha Technolgies, the reason cited by the JSE is non-compliance with Section 33 of the Company’s Act, which requires the submission of financial statements to the Companies and Intellectual Property Commission (CIPC).
On 11 April Sagarmatha Technologies received written confirmation from CIPC indicating that it was, indeed, compliant and had provided the required financial statements.
The JSE has responded that Sagarmatha Technologies was non-compliant on 28 March, the date that the pre-listing statement (PLS) was approved.
Sagarmatha Technologies contends that the CIPC has confirmed that the company has been compliant all along.
In addition, Sagarmatha Technologies believes that it would comfortably meet the minimum listing requirements of the JSE, having received indicative commitments exceeding R4-billion.
Due to the JSE withdrawal of the listing notice, Sagarmatha Technologies may not to accept applications from committed investors. It will not list on Friday 13 April, and the JSE has indicated it should make provision for a fresh listing application.
The company states that it is now considering a listing on either the New York or Hong Kong Stock Exchanges, with a JSE listing as either a secondary or dual listing.