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JASCO ELECTRONICS HOLDINGS LIMITED - Operational Update and Impact of COVID-19

Release Date: 29/05/2020 15:45
Code(s): JSC     PDF:  
 
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Operational Update and Impact of COVID-19

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



OPERATIONAL UPDATE AND IMPACT OF COVID-19


Impact of Covid-19 pandemic
Shareholders are referred to the announcements made by the
President of South Africa declaring a national state of disaster
in response to the COVID-19 pandemic, the extended lockdown and
the risk adjusted strategy to ease the lockdown restrictions.
The country began a gradual and phased recovery of economic
activity from 1 May 2020.


Jasco would like to advise that it is continuously monitoring
the COVID-19 related developments and assessing the impact of
the lockdown and the effect of COVID-19 on its businesses. The
group implemented various measures, from implementing work from
home policies, issuing of the necessary Personal Protective
Equipment and daily testing for COVID-19 symptoms of staff who
have returned to work as allowed by Government under level 4 of
the COVID-19 lockdown, to limit the potential spread of the virus
among its employees, its customers and persons connected to its
businesses.


Business continuity plans have also been revised and executed
accordingly. The business units have been impacted to varying
degrees but have been able to mitigate the impact to various
extents through implementing the work from home policies.


It is still too early to estimate the full impact on the Group's
operations and financial information. The Company will continue
to monitor both the operational and the financial impact that
the COVID19 pandemic will have on the group’s results and the
required guidance will be released on SENS as the situation
develops and reasonable certainty is obtained of the financial
impact on the next financial reporting period.


The Group continues to focus on cost containment measures and
closing out the disposal of the Electrical Manufacturers
business to assist with navigating this challenging period
whilst also seeking out new opportunities due to the changing
environment.


Update on the Disposal of Electrical Manufacturers
Shareholders are advised that all the conditions precedent to
the Disposal have been fulfilled and that the Closing Date of
the transaction, which at the time of the publication of the
circular was expected to be 2 May 2020, was extended as a result
of the impact of the COVID-19 pandemic, which delayed the
completion of the audit of the Effective Date financial
statements and the registration of bonds at the deeds office by
the purchaser. The amended Closing Date is expected to be on or
about 26 June 2020. The total proceeds are expected to flow by
30 June 2020.


Midrand
29 May 2020


Sponsor
Grindrod Bank Limited

Date: 29-05-2020 03:45:00
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