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4Sight removed from business rescue

Nov 29 2019 18:30
Lameez Omarjee

IT services company 4Sight has been removed from business rescue now that it has overcome "temporary difficulties," according to a notice to shareholders.

4Sight is a Mauritius-based investment holding company with subsidiaries in the IT sector. Its subsidiaries are involved in autonomous and artificial intelligence solutions, machine learning, big data, augmented and virtual reality solutions, among others.

The group was placed in business rescue in mid-October.

"The board remains of the view that (on a consolidated basis) the FH operating subsidiaries within the 4Sight group are profitable businesses, which generate large cash reserves," the notice read.

The JSE had also suspended the listing of the firm, due to its failure to submit its interim financial results for the six-months ended June 30, 2019.

At the time, the group had to restructure its board following resignations of some of its directors.

The reconstituted board of directors had requested more time from the JSE to be able to review the interim results before submission, but the JSE did not grant the request and subsequently suspended the group's listing.

In Friday's notice, 4 Sight said that "substantial progress" had been made with the finalisation of the report and that a final review by the auditor was in progress. 4 Sight said that once its interim results are published it will apply to the SE to lift its suspension.

"Thereafter the interim results will be considered by the newly constituted Audit and Risk Committee and Board. Once approved and published, the company will apply to the JSE for the lifting of the suspension of trade in 4Sight securities," the notice read.

Changes to the board

In a separate shareholder notice issued on Friday, the group announced new board appointments. Mauritian resident Kamil Patel has been made a non-executive director. Patel is the CEO of Rentsolutions – one of the largest asset rental companies in Mauritius, and he is also a director of RHT Holding Limited – which is listed on the Mauritius Stock Exchange.

The group also announced changes to the roles of some directors.

"Tertius Zitzke, who was initially appointed as interim Chief Executive Office, has been permanently appointed as Chief Executive Officer. Acting Chief Financial Officer Eric van der Merwe has also been made permanent.

"Herman Singh has been appointed as the acting chairman of the board until a Mauritian based director is appointed to this role," the notice read.

jse  |  4sight  |  companies  |  results  |  it  |  business  |  reports
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