Delay in Availability of Annual Financial Statements for the Year Ended 31 March 2019 | KW01: for the Year Ended 31 March 2019 | KW01
Delay in Availability of Annual Financial Statements for the Year Ended 31 March 2019 | KW01: for the Year Ended 31 March 2019 | KW01
Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
Stock Code: KW01
ISIN Code: ZAG000016296
("KOBWA" or "the Issuer")
DELAY IN AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Noteholders are hereby advised that the availability of the audited annual financial statements of KOBWA
for the year ended 31 March 2019 ("2019 annual financial statements"), is to be delayed.
As disclosed in the Issuer's annual financial statements for the year ended 31 March 2018, such annual
financial statements had been prepared in accordance with International Financial Reporting Standards
("IFRS"). The board of directors of KOBWA ("the Board") has subsequently reviewed its accounting
framework and has identified Generally Recognised Accounting Practice ("GRAP") as a more appropriate
reporting framework. The accuracy of financial reporting is of utmost importance to the Board and
accordingly, the adoption of GRAP has resulted in an extended reporting timetable, which is expected to
be completed by no later than 29 November 2019.
Noteholders are further advised that the 2019 annual financial statements, including the audit report of
PricewaterhouseCoopers Inc., the Issuer's registered auditors, will be made available for inspection at the
registered office of the Issuer and on the Issuer's website on or about 29 November 2019.
Johannesburg
31 October 2019
Debt Sponsor
Merchantec Capital
Date: 31/10/2019 04:00:00
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