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Quarterly Progress Report - May 2025
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company")
QUARTERLY PROGRESS REPORT – MAY 2025
Shareholders are referred to the ongoing suspension in trading of the Company's shares on the JSE Limited
("JSE"), which came into effect on 21 August 2023 ("the Suspension") for failing to publish its audited financial
results for the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the suspension is expected to be lifted.
Delays in the publication of financial results
Shareholders are referred to the announcement released on SENS on 28 March 2025 ('Notification of further
delay in publication of the audited financial results for the year ended 31 March 2024 and interim financial
results for the six months ended 30 September 2024'). In that announcement, shareholders were advised that
the timing of the financial results had to be revised due to a leadership transition in the finance function,
specifically, the resignation of Ms Kabela Maroga as Chief Financial Officer ("CFO") and executive director of
the Company and the appointment of Mr Jannie Muller as interim CFO, as well as the complexity of the ongoing
audit and reporting processes.
Accordingly, shareholders were informed that the Company anticipated publishing the audited financial results
for the year ended 31 March 2024 ("FY2024 financial results") on or before mid-June 2025, and the interim
financial results for the six months ended 30 September 2024 ("FY2025 interim financial results") by the end
of June 2025.
As at the date of this quarterly SENS update, the Company remains on track to release both sets of results
within the aforementioned timelines.
As a consequence of the delays in publishing the FY2024 financial results and the FY2025 interim financial
results, it is further anticipated that the audited financial results for the year ended 31 March 2025 ("FY2025
financial results") will be published on or before 30 September 2025.
Expected date for lifting of Suspension
Based on the timelines outlined above, the Board's current best estimate is that, once the audited FY2025
results are published on or about 30 September 2025, the Company will be able to publish the FY2025
integrated annual report by the end of October 2025. It is further estimated that, provided all required results
and integrated annual reports are duly submitted by the end of October 2025, and on application by the
Company, the suspension of the Company's securities will be lifted on or around mid-November 2025.
Johannesburg
30 May 2025
Sponsor
Merchantec Capital
Date: 30-05-2025 03:21:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
