Demutualisation delays release of BBS’ audited results

Botswana Building Society (BBS) has delayed the release of its year end results on the back of delays that came with the demutualisation exercise. According to the mortgage bank, the results for financial year ending 2018 will now be released no later than 30 June 2019 as opposed to the previous date of 31 May 2019.

BBS is undergoing transformation (Pic African Markets)

“We are pleased to report that significant progress has been made in this regard and we are close to publishing the audited results,” said the bank headed by Pius Molefe.

“Delays in finalising the audited financials were a result of the upgrade of our core banking system as part of the Demutualisation project. Because of the complex nature of the upgrade, it took longer than expected to address post implementation issues.”

BBS said the audited financials will not be released on 31 May 2019 as previously undertaken but will be released no later than 30 June 2019 as permitted by the Companies and Intellectual Property Authority (“CIPA”) in line with Section 205(2) of the Companies Act. The financials will also be submitted to the BSEL to enable the trading in BBSL shares to resume in line with the OTC requirements of the stock exchange.

The bank added that its Annual General Meeting (AGM) is now scheduled for Wednesday 31 July 2019.

“We would like to assure our Shareholders, Customers and the Public that BBS Limited remains a solid and stable going concern which continues to meet all its obligations to its various stakeholders,” it said.

“No impact on demutualisation process The Board and Management would also like to emphasise that delays in finalising the audited financials have no bearing on the Demutualisation project.”