To view the PDF file, sign up for a MySharenet subscription.

STEFANUTTI STOCKS HOLDINGS LIMITED - Update on impact of the Coronavirus (COVID-19) on Stefanutti Stocks

Release Date: 07/04/2020 16:53
Code(s): SSK     PDF:  
Wrap Text
Update on impact of the Coronavirus (COVID-19) on Stefanutti Stocks

Stefanutti Stocks Holdings Limited
(Registration number 1996/003767/06)
Share code: SSK
ISIN: ZAE000123766
(“Stefanutti Stocks” or “the company” or “the group”)


UPDATE ON IMPACT OF THE CORONAVIRUS (COVID-19) ON STEFANUTTI STOCKS


The spread of COVID-19 has been widely publicised and the board of directors and management of
Stefanutti Stocks acknowledge the seriousness of the current situation. Stefanutti Stocks’ priority is the
health and safety of its employees. The management of the group is committed to supporting the
initiatives that the various governments have implemented in the countries in which the group operates.
Stefanutti Stocks is working closely with its clients and key stakeholders to mitigate the impact of COVID-
19 and address the long term effects on its business.


The group has established a special task team in order to monitor the specific requirements of the
governments of the countries in which it operates as well as the various health agencies. This team
provides guidance and has implemented the necessary actions focused on ensuring the health and
safety of Stefanutti Stocks’ employees. Ongoing engagement with clients during these difficult times
enables the group to respond to varying situations as they develop. Regular meetings with senior
management also helps to ensure the co-ordination of these business-critical decisions.


Most governments in the countries in which Stefanutti Stocks operates have either announced
lockdowns, states of emergencies or implemented various regulations and directives which impact the
manner in which companies do business. The group has consequently temporarily closed the majority
of its operational sites in compliance with applicable regulations.


Set out below is an overview of the status of the group's current operations, the majority of which have
been adversely impacted by COVID-19 and the related government regulations:


*    South Africa – Most projects have been stopped with the exception of certain Mining Services
     projects which have been deemed essential.
*    In Botswana and Eswatini projects have been stopped with the exception of one project each which
     are deemed essential, whereas in Mozambique only one project has been stopped, and in Zambia
     and the UAE all projects are operational.


The current situation facing the group is complex, evolving quickly and at this stage it is not possible to
estimate the financial impact of COVID-19 on the group. Structures have, however, been put in place to
respond quickly to changes in the circumstances facing the group. The group's priority remains
continuing to progress the Funding Plan as reported in the Unaudited Condensed Consolidated Results
of Stefanutti Stocks for the 6 months ended 31 August 2019, but now also having regard to the impact
of COVID-19 on the group and its business.


Shareholders are also advised that the annual reporting periods will be extended in line with the market
notice issued by the Financial Sector Conduct Authority on 3 April 2020 and related JSE Limited
guidance issued on this matter. Reporting dates will be communicated once external audit processes
can resume.


Johannesburg
7 April 2020
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 07-04-2020 04:53:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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.

Share This Story