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In an ASX announcement issued on 30 November 2019, the Board of Kresta Holdings Limited has confirmed it has decided to conduct “a detailed operational and strategic review” which will examine all opportunities available to the company.
The Board expects that part of the review will include exploring the prospect of sale of businesses within the Kresta group.
The company will provide a market update, following completion of the strategic review.
The 30 November announcement also confirmed a delay to the release of its financial reports.
“The Board also advises that there will be a further delay to the finalisation of the audit of its financial reports for the financial year ended 31 December 2018.”
“The further delay is to allow the Company’s auditor, Mazars Risk & Assurance Pty Ltd, additional time to finalise its review. While the Company had anticipated that the audit would be finalised to allow for the release of the financial reports by 30 November 2019, the steps taken to ensure the thoroughness of the audit process have caused further delays by the auditor.”
“As a result of the audit process and the strategic review, the Company now expects its annual financial statements to 31 December 2018 to be approved and issued for release by 29 February 2020. It is anticipated that the Company’s Annual General Meeting will be held by 31 March 2020.”
WFA was unable to get through to Kresta Holdings to secure further detail or comment on the potential sell-off of Kresta Holdings businesses.
