JSE threatens Blue Label with suspension over its delayed financial results
The technology company has until the end of September to release its results.
The Johannesburg Stock Exchange (JSE) said South Africa-based technology company Blue Label Telecoms is facing suspension from the bourse for failing to publish its financial results.
“The company’s listing on the JSE trading system has been annotated with a ‘RE’ to indicate that it has failed to submit its provisional report timeously and that the listing of this company’s securities is under threat of suspension and possible removal,” Blue Label said in a statement.
The JSE said on Tuesday Blue Label had until the end of the September to release its results for the year ended-May.
Blue Label said it in August that it was in the process of determining the value of its investment in Cell C, of which it holds 45 percent, and that its results would be released on September 26.
Cell C, which has struggled to make consistent profits since it became South Africa’s third mobile operator in 2001, is grappling with a hefty debt burden.
In August S&P Global Ratings downgraded Cell C’s debt to D, or “default,” its lowest-possible junk rating. This came after the cell phone operator “failed to make interest payments on certain bilateral loan facilities”.