PBS Provides Reason for Further Delayed Financials

• Productive Business Solutions Limited (PBS) announced that there would be a further delay in the release of its audited consolidated financial statements for the year ended December 31, 2023, pursuant to Rule 408 (iv) of the Jamaica Stock Exchange Main Market Rules.
• PBS now expects to publish its audited consolidated financial statements no later than October 31, 2024.
• The further delay has been caused by additional audit procedures as a result of required restatements of material accounting transactions undertaken by PBS’s subsidiary in Costa Rica, which it expects will mostly impact PBS’s consolidated financial statements in accounting periods prior to 2021.
• In keeping with the JSE’s Main Market Rule 408 (iii) on Audited Annual Financial Statements JSE suspended trading in the shares of Productive Business Solutions Limited (PBS) on July 2, 2024, pending the Company’s submission of its 2023 Audited Financial Statements. The Company’s 2023 Audited Financial Statements became due on March 30, 2024, and were ninety-three (93) days overdue on July 1, 2024.
• PBS’s stock price closed at $1.45 on July 1, 2024, representing a 9.9% decline since the start of the calendar year.

(Sources: JSE and NCBCM Research)