Holding company of construction materials company Sephaku, SepHold, is finalising its financial results for the year ended March 31; however, the restrictions implemented by the South African government to curb the spread of the Covid-19 pandemic have impacted the finalisation of the company's yearly financial statement.
SepHold notes that the process is taking longer than anticipated and that it will, therefore, rely on an extension granted by the Financial Sector Conduct Authority (FSCA). The FSCA granted companies with financial year-ends of December 31, 2019 to April 30, 2020 an extension of two months to complete their year-end financial reporting process.
SepHold will release its audited year-end financial results before August 31.
MD RESIGNATION
SepHold also reports that its Métier Mixed Concrete subsidiary's MD, Jurgens du Toit, has tendered his resignation, with immediate effect, to pursue other career opportunities.
The MD role will not be filled going forward because Kenneth Capes, the recently appointed Métier CEO and founding director, has extensive experience that spans from quarrying to ready-mixed concrete manufacturing.
Capes was re-appointed to strengthen the subsidiary’s management team, and since his appointment on April 1, he has started implementing operational changes to improve efficiencies.