TRANSNET SOC LIMITED - Update on Delays in Finalising Transnet's 31 March 2021 Yean End Audit - BITRA

Update on Delays in Finalising Transnet's 31 March 2021 Yean End Audit - BITRA

Transnet SOC Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
(“Transnet”, “the Company” or the “Issuer”)


UPDATE ON DELAYS IN FINALISING TRANSNET’S 31 MARCH 2021 YEAR END AUDIT


Following the voluntary SENS issued on 29 September 2021, Transnet Noteholders are
hereby given an update of the status of the external audit of Transnet for the financial year
ended 31 March 2021.

The significant difference of opinion on the initial accounting treatment of the 1064
locomotive supply agreements has been resolved and there is now full alignment between
Transnet and the Auditor General of South Africa (AGSA).

However, on the matter of irregular expenditure, engagements with National Treasury as
a custodian of the Public Finance Management Act, the AGSA and Transnet are still ongoing
and the final outcome is expected soon. The focus of the engagements is on the ring-
fencing of the legacy procurement matters that still require further investigation.

Following the finalisation of the irregular expenditure matter, Transnet will close out on its
internal governance processes including the Annual General Meeting and release the Annual
Financial Statements. The release date will be communicated as soon as it is confirmed and
an update to the market will be issued during the week ending 15 October 2021.


Johannesburg

08 October 2021
JSE Debt Sponsor

Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 08-10-2021 05:35:00
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