The JSE has publicly censured and fined the Komati Basin Water Authority (Kobwa) for failing to publish a Stock Exchange News Service (Sens) announcement relating to an executive director appointment timeously.
The JSE said on Monday that the fine of R500,000 would be suspended for three years provided the company did not breach the bourse’s debt and specialist securities listings requirements during that period.
The censure relates to Kobwa’s Sens announcement dated November 19 last year regarding the appointment of its executive operations director, which was effective from August 11 2025.
The JSE’s DSS listings requirements requires a company, through its debt sponsor or designated person, to notify the JSE of any change, including the reason for the change, to the board of directors, thecompany secretary or debt officer including the appointment of a new director.
The JSE said Kobwa failed to publish the Sens announcement relating to the appointment of the executive operations director timeously and the Sens announcement was only published on November 19.
The JSE said it was Kobwa’s fourth recorded instance of non-compliance with the DSS listings requirements in recent years.
In 2022 the company issued a late announcement relating to key executive management and board changes, and in 2023 was again late in announcing a board change. In 2025, the company was late in announcing the appointment of new auditors, and then later that year was late in announcing the current board change.
“Despite repeated regulatory engagement and prior censures, the issuer has continued to demonstrate recurrent non-compliance, including repeated failures to ensure the timely disclosure of announcements," the JSE said.
It added that the timely publication of Sens announcements is essential to maintaining transparency and ensuring a fair and orderly market, as it enables investors and potential investors to receive timely and pertinent information about an issuer.
“The DSS listings requirements prescribe clear timeframes for disclosure, and strict adherence to these timeframes is fundamental to sound corporate governance.”
The JSE said it considered Kobwa’s continued failure to comply with its disclosure obligations to be unacceptable.
“This is particularly concerning given that the issuer has previously relied on its internal governance structures and advisory support as safeguards against further lapses. The recurrence of delayed disclosures points to material weakness in the issuer’s compliance framework and reflects an ongoing disregard for the obligations imposed by the DSS listings requirements.”
The Komati Basin Water Authority was established in 1993 as a binational entity between South Africa and Eswatini to implement Phase 1 of the Komati River Basin Development Project.
Kobwa manages the infrastructure of the Driekoppies Dam in South Africa and the Maguga Dam in Eswatini for irrigation, water supply and power generation and, as such, plays a major role in water security in the region.
In March this year, the two governments signed a revised treaty aimed at strengthening regional water security and co-operation.
According to Kobwa, the revised treaty paves the way for new infrastructure projects in the Komati Basin, the modernisation of existing dams to improve efficiency and safety, greater resilience against droughts and floods and a stronger institutional role for Kobwa, ensuring technical expertise and joint decision-making remain central to water governance.
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