The City of Johannesburg says the decision by the JSE to suspend its listed debt securities was a technical compliance matter related to reporting timelines and not an indication of financial distress or instability.
This was after the bourse said it had suspended Johannesburg’s debt securities with immediate effect from March 27 after South Africa’s biggest metro and its financial and economic hub failed to “comply with the JSE’s debt and specialist securities listings requirements”, which required that the municipality publish its audited annual financial statements for the year ended June 39 2025 within the prescribed period.
“Accordingly, the listing of the issuer’s debt securities and the registration of the issuer’s placing document have been suspended with immediate effect,” the JSE said.
The JSE last month warned it would suspend the bonds of the Johannesburg, Ekurhuleni and Cape Town metros if they failed to submit audited financial statements by the end of February.
The metros laid the blame at the auditor-general (AGSA), saying the delays in filing their 2024/2025 financials were due to disputes lodged with the chapter 9 institution.
The city is engaging constructively with the JSE and other regulatory bodies and is confident that the matter will be resolved promptly, allowing for the reinstatement of its bonds
— City of Johannesburg
“The city wishes to emphasise that this is a technical compliance matter related to reporting timelines, not an indication of financial distress or instability. Work to finalise the audited financial statements is at an advanced stage,” the metro said.
“This includes the current finalisation of the audit process, which is being undertaken in collaboration with the AGSA through standard protocols as outlined in the engagement letter between the city and the auditor-general. Both institutions are working in tandem to conclude the audit process in the shortest possible time, with submission expected within the current reporting cycle.”
The metro stressed it remains financially operational and continued to meet all its debt servicing and financial obligations without interruption.
“Service delivery to residents remains unaffected; the city has prioritised the integrity and accuracy of its financial reporting processes to ensure full compliance with regulatory standards.
“The city is engaging constructively with the JSE and other regulatory bodies and is confident that the matter will be resolved promptly, allowing for the reinstatement of its bonds.”
The process reflected its committed to “credible, transparent, and accountable financial governance, ensuring that all disclosures meet the highest standards expected by investors and the public”.
Business Day
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