JASCO ELECTRONICS HOLDINGS LIMITED - Voluntary liquidation of Jascos Security and Fire Business

Voluntary liquidation of Jasco’s Security and Fire Business

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC            ISIN: ZAE000003794
("Jasco" or “the Group”)


Voluntary liquidation of Jasco’s Security and Fire Business


Shareholders are referred to the audited Condensed Results for the year ended 30 June 2022, released
on SENS on 4 October 2022, which advised that the Group uncovered gross misconduct by the
leadership team in MV Fire Protection Services (Pty) Limited (previously named Jasco Security and
Fire Solutions (Pty) Limited) (“Security & Fire”). Following an evaluation of the operations, customer
and sales pipeline, suppliers and trade terms and the organisational structure was also conducted, with
assistance from an external independent expert.


Following the review, a detailed report was presented to the board. To prevent ongoing pressure on the
rest of Jasco, the decision was taken to restructure Security & Fire and to exit the fire market segment.
In anticipation of the restructuring of Security and Fire, its name was changed back to its previous name,
being MV Fire Protection Services (Pty) Limited.


Upon further scrutiny a decision was however taken to place Security & Fire into voluntary liquidation
and shareholders are hereby advised of the decision. The voluntary liquidation of Security & Fire is
neither expected to impact the remaining businesses of the Group, nor the Bank of China loan facility,
however shareholders will be kept appraised in this regard.


Midrand
19 October 2022


JSE Sponsor
Grindrod Bank Limited

Date: 19-10-2022 01:00:00
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