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Cape Town - Blue Financial Services [JSE:BFS], which entered into voluntary suspension of trading in Blue Securities in June 2013, announced on Tuesday that audits for Botswana, Ghana and Nigeria have been fully completed for all periods up to December 2014 and it is anticipated that Zambia will be fully resolved during February 2016.
The audits up to December 2014 for Namibia, Malawi, Swaziland and Uganda is anticipated to be completed by the end of March 2016. The 2012 audit for the discontinued South Africa investment still needs to be completed by Deloitte which is anticipated to be completed by March 2016.
No further audit work will be done on Kenya or Lesotho as the companies are being liquidated.
The group said it will recommend to the shareholders to appoint SizweNtsalubeGobodo to attend to the group's consolidated audit for December 2015, which is anticipated to be published by June 2016.
Blue currently has investments in eight African countries that provide retail financial services to customers. The countries are Botswana, Ghana, Malawi, Namibia, Swaziland, Uganda and Zambia.
The investment in Nigeria is a small minority stake that will be further diluted. The group has ceased lending in Kenya, Lesotho and South Africa.
