JSE suspends Salungano, which moves to put Wescoal in business rescue amid liquidation threat

  • 📰 News24
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 80%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Investors in Salungano Group were hit with a triple whammy of bad news on Monday when the JSE suspended its shares, while the group also announced its biggest subsidiary will be facing both business rescue and liquidation proceedings.

Investors in junior coal miner Salungano Group were hit with a triple whammy of bad news on Monday when the JSE suspended its shares, while the Eskom supplier also announced its biggest subsidiary would be facing both business rescue and liquidation proceedings on Tuesday.for its 2023 year by the end of June, which was extended to the end of July and then to August.

Both the liquidation and business rescue applications will be heard at the North Gauteng High Court in Pretoria on Tuesday, Salungano's company secretary Yolande Lemmer told News24. A deep dive into the big business story of the week, as well as expert analysis of markets and trends.In a shocking development in June, the entire audit, risk and compliance committee of Salungano's board, which has the authority and responsibility to consider and approve the audited financial results, resigned and left the company unable to finalise the audit process.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines