Total Client Services expects to complete audit by end-June
Total Client Services (TCS), the traffic management systems company that was placed in business rescue in late 2013, expects to complete the audit of its past three years of financial statements by end-June next year at the latest, its board said on Friday.
The shares have been suspended since end-2013.
TCS admitted it had not met its previous deadlines. It was engaged in a financial restructuring and only once this was completed could the auditors proceed. The original deadline of January 2016 was missed because of "certain unresolved elements in respect of the due diligence process".
TCS is still working on improving the performance of the contracts it holds at Polokwane, Tlokwe and Buffalo City, it said. It has completed the upgrade of its traffic management software and reached an agreement with its Namibian partners and the Namibian police to pursue co-operation opportunities in the coming year.