The JSE has suspended the fine subject to one condition.
The Johannesburg Stock Exchange (JSE) publicly censured and fined the Komati Basin Water Authority (KOBWA) R500 000 for failing to timely publish a SENS announcement relating to the appointment of an executive operations director, and suspended the penalty for three years.
cobweb It is a bi-national entity established in 1993 under a 1992 treaty between South Africa and Eswatini.
One of the requirements for a publicly listed company is that it announces any major changes, including changes in executive members, through the Stock Exchange News Service (SENS).
“Under the provisions of paragraph 6.42(a) of the JSE's Debt and Specialist Securities Listing Requirements (“DSS Listing Requirements”) the issuer is required to notify the JSE through its debt sponsor or nominee of any change, including the reason for the change, the appointment of a new director (including in the capacity of a director in terms of paragraph 7.3(c)) to the board of directors, the company secretary or the loan officer,” it said. Exchange.
KOBWA fails to comply with JSE requirements
The entity operates the Maguga Dam in Eswatini and the Drikopese Dam in South Africa, focusing on water security for irrigation and downstream uses.
On Monday, the JSE announced it had fined the entity for failing to timely publish the SENS announcement of the appointment of the executive operations director. The appointment was made on 11 August 2025; However, KOBWA only published the SENS announcement on 19 November 2025.
“Accordingly, the JSE finds the issuer in breach of the provisions of paragraph 6.42(a) of the DSS Listing Requirements in relation to the late announcement of the appointment of the Executive Operating Director of KOBWA,” the exchange said.
JSE's decision to censure COBWA
According to the JSE, this is not the first time KOBWA has failed to announce executive changes on time.
“This is the fourth recorded case of an issuer non-compliant with DSS listing requirements in recent years,” the exchange said.
a) Late announcement related to key executive management and board changes in 2022;
b) Late announcement regarding board changes in 2023;
c) A late announcement in 2025 regarding the appointment of new auditors; And
d) Current late announcement in 2025 regarding board changes.
R500k fine suspended
The JSE said that despite repeated regulatory commitments and prior censure, the issuer has continued to demonstrate repeated non-compliance, including repeated failure to ensure timely disclosure of announcements.
“In view of the JSE's finding of contraventions and the history of repeated similar contraventions by the issuer, the JSE has decided to impose a public censure on KOBWA and a fine of R500,000, the sum of which is suspended for a period of three years, on condition that the issuer is not found to be in breach of the DSS listing requirement during the period of suspension,” the exchange said.
“The JSE considers KOBWA's continued failure to comply with its disclosure obligations as unacceptable.
“This is particularly worrying as 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 a material weakness in the issuer's compliance framework and reflects an ongoing disregard for the obligations imposed by the DSS listing requirements.”
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