Sagarmatha Technologies recently announced plans to list on the Johannesburg Stock Exchange, where the company aimed to raise over R3 billion.
It has now stated that the listing, scheduled for 13 April, will not take place.
“On 10 April, the company received a notification from the JSE withdrawing the listing approval. The reason cited by the JSE was non-compliance with Section 33 of the Company’s Act, which requires the submission of financial statements to the Companies and Intellectual Property Commission (CIPC),” it said.
It stated that the CIPC indicated it was compliant, however, and that the JSE made the decision on a technical point.
“The technicality suggests that Sagarmatha Technologies was non-compliant on the date that the pre-listing statement was approved. The CIPC has confirmed otherwise.”
Sagarmatha Technologies owns numerous assets in the media and online marketing space, which includes 95% of news wire agency ANA, 60% of IOL Property, and 100% of Independent Online.
The company also owns 83.3% of Loot Online, with the remaining 16.7% owned by Loot Founders Proprietary Limited.
The Sagarmatha Technologies board is now considering options that include:
- Offers to purchase from international investors for its four largest businesses.
- Listing on the New York Stock Exchange and Hong Kong Exchange.
- A primary listing on the JSE and a secondary listing and/or a dual listing.