JSE fines Pepkor Holdings R5m for breaches of listing requirements

The JSE has fined Pepkor Holdings, formerly known as Steinhoff Africa Retail, R5-million for breaching the local bourse’s listing requirements, with R1-million of the R5-million suspended for two years.

Pepkor, then still known as STAR, listed on the JSE on September 20, 2017.

The JSE said on Monday that the company had not disclosed certain financial information about loans in its pre-listing statement and its 2017 annual financial statements.

It said that at the time of its listing, STAR’s subsidiary – then known as Pepkor Holdings – formed part of a group of companies which guaranteed the the R15-billion domestic medium term note programme of Steinhoff Services Limited

STAR had also, through its subsidiaries, provided loans to directors and key management personnel in terms of the Pepkor Management Investment Scheme via an entity called Business Ventures Investments. These loans amounted to R9-million as of September 30, 2017, and R18-million in aggregate as of September 30, 2016. It was also party to a R440-million guarantee of third party debt related to Business Ventures Investments.

“The company has fully cooperated with the JSE during its investigation and provided the JSE with sufficient assurance that steps have been taken to address these breaches,” the local bourse said in a statement on Monday morning. “Notwithstanding this fact, the JSE has decided to impose this public censure against the company with a fine in the amount of R5-million of which R1-million is suspended for a period of two years.”

Pepkor, in a statement, said it “acknowledged that inadequate disclosures were made during the process of its listing and the publication of its annual financial statements in 2017”.

“The board and management have engaged in a proactive and transparent manner with the JSE on the matter and welcomes the conclusion of the investigation.” — Fin 24

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Jan Cronje
Jan Cronje
Fin24 Journalist based in Cape Town.

Two dead in new ANC KwaZulu-Natal killings

A Mtubatuba councillor and a Hammarsdale ANC Youth League leader were shot yesterday near their homes

Inside Facebook’s big bet on Africa

New undersea cables will massively increase bandwidth to the continent

No back to school for teachers just yet

Last week the basic education minister was adamant that teachers will return to school on May 25, but some provinces say not all Covid-19 measures are in place to prevent its spread

Engineering slips out of gear at varsity

Walter Sisulu University wants to reprioritise R178-million that it stands to give back to treasury after failing to spend it

Press Releases

Coexisting with Covid-19: Saving lives and the economy in India

A staggered exit from the lockdown accompanied by stepped-up testing to cover every district is necessary for India right now

What Africa can learn from Cuba in combating the Covid-19 pandemic

Africa should abandon the neoliberal path to be able to deal with Covid-19 and other health system challenges likely to emerge in future

Road to recovery for the tourism sector: The South African perspective

The best-case scenario is that South Africa's tourism sector’s recovery will only begin in earnest towards the end of this year

Covid-19: Eased lockdown and rule of law Webinar

If you are arrested and fined in lockdown, you do get a criminal record if you pay the admission of guilt fine

Covid-19 and Frontline Workers

Who is caring for the healthcare workers? 'Working together is how we are going to get through this. It’s not just a marathon, it’s a relay'.

PPS webinar Part 2: Small business, big risk

The risks that businesses face and how they can be dealt with are something all business owners should be well acquainted with

Call for applications for the position of GCRO executive director

The Gauteng City-Region Observatory is seeking to appoint a high-calibre researcher and manager to be the executive director and to lead it

DriveRisk stays safe with high-tech thermal camera solution

Itec Evolve installed the screening device within a few days to help the driver behaviour company become compliant with health and safety regulations