JSE will not list Sagarmatha Technologies

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In the interest of protecting shareholders, the Johannesburg Stock Exchange (JSE) will not be proceeding with the listing of Sagarmatha Technologies on the Main Board of the JSE on Friday 13 April 2018.

The approval of the pre-listing statement of Sagarmatha Technologies is invalid and of no force and effect as result of the companies’ failure to comply with section 33 of the Companies Act, Act 71 of 2018 and paragraph 4.6 of the JSE Listings Requirements.

The listing will not proceed for the following reasons:

The JSE was not aware of the companies’ failure to comply with the Companies Act and the Requirements when the pre-listing statement was approved and the company failed to adhere to as a specific condition of listing, to release its reviewed provisional results by no later than the 9th of April 2018.

Section 4.6 of the JSE’s Listing Requirements stipulates that the applicant must be duly incorporated or otherwise validly established under the law of the country of incorporation or establishment, and must be operating in conformity with its MOI or relevant constitutional documents, if not South African, and all laws of its country of incorporation or establishment.

This means that a prospective listed company must deal with the laws of the country in which it is incorporated.

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About Author

Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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