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Notification of change of external auditor
GRINDROD BANK LIMITED
(Registration no: 1994/007994/06)
Incorporated in the Republic of South Africa
JSE alpha code: GNDI
NOTIFICATION OF CHANGE OF EXTERNAL AUDITOR
The Board of Directors of Grindrod Bank Limited (the “Bank”) wishes to inform the Bank’s Bondholders of
the appointment of SNG Grant Thornton, Incorporated (“SNG”) as the external auditors effective
7 February 2020, and the simultaneous termination of services of Deloitte as external auditors. The lead
audit partner from SNG will be Ms Alethia Chetty. SNG will commence their appointment with
responsibility for the December 2019 audit.
The appointment follows extensive deliberation on the audit requirements for the Bank considering size,
scale and the complex regulatory environment. The change to SNG is due to early adoption of the
mandatory audit firm rotation rule issued by the Independent Regulatory Board for Auditors and is made
in the interest of promoting transformation of the sector. The appointment of separate Grindrod Group
and Bank auditors will further strengthen corporate governance.
These changes have been made following all requisite regulatory approvals.
10 February 2020
Debt Sponsor
Nedbank Corporate and Investment Banking
Date: 10-02-2020 03:20:00
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