aRiet Prop Limited, landowners of luxurious hotels in Cape Town, is hunting for new auditors to speed up its outstanding audits in its quest to have its suspension from the JSE lifted.
aRiet is a multi-asset real estate investment trust in the hospitality and healthcare sectors.
The company is the lessee of the four-star Cresta Grande Cape Town Hotel with 242 rooms across 18 floors, which overlooks famous attractions including Table Mountain, Lion’s Head, and the Cape Town Harbour.
Other properties include an 11-storey Fountains Hotel that is rated four-star with 160 rooms serviced by four elevators, with a 200-seat restaurant.
The 78-room Lady Hamilton Hotel is aimed to be repurposed into a medical facility.
The company’s shares were suspended after failure to publish audited annual financial statements for the years to December 31, 2023, and December 31, 2024, as required by JSE listing requirements.
Financial statements submitted to auditors
aRiet Prop emphasised that it would only become fully compliant once it had published audited results for both financial years, distributed its annual reports to shareholders, and released interim results for the six months to June 30, 2024, and June 30, 2025.
ARiet Prop informed shareholders that it has prepared and submitted the annual financial statements for both years to its former auditors.
Required adjustments, particularly for the 2023 financial year, apply to the audits.
To speed up the process, aRiet Prop is also seeking proposals from new audit firms.
This step, according to the update, is aimed at completing the audits more quickly so that it can meet the JSE requirements and have the suspension removed.
The company said it will continue to provide regular updates to shareholders while the suspension remains in place, as required by the stock exchange.
In its financial results released in 2021, the company’s total equity and liabilities were worth over R900-million.
