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Update On Hollard Insurance Company Limited Liquidation Application And Rescission Proceedings
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat Africa” or “the Company”)
ISIN Code: ZAE000018354 Share Code: LAB
FSE Code: LEI 9845000R73DF5EE41J88
UPDATE ON HOLLARD INSURANCE COMPANY LIMITED LIQUIDATION APPLICATION AND
RESCISSION PROCEEDINGS
Shareholders are referred to the Company’s SENS announcement dated 9 September 2026
regarding the liquidation application instituted by The Hollard Insurance Company Limited
(“Hollard”) against the Company and the related rescission proceedings.
The Company advises that on 1 October 2026, the Gauteng Division of the High Court of
South Africa, Johannesburg (“Court”) granted an order placing the Company under
provisional winding-up in the hands of the Master of the High Court (“the Order”). The Court
further dismissed the Company’s application for a postponement of the winding-up
proceedings and the application for intervention. The matter is scheduled to return to Court
on 8 March 2027 at 10h00, or as soon thereafter as counsel may be heard, to determine
whether a final winding-up order should be granted. All persons with legitimate interest are
invited to show cause. The costs of the winding-up application, including reserved costs and
the costs of two counsel, one being senior counsel, are costs in the winding-up on the
attorney-and-client scale.
According to the order the source of the winding-up application is a judgment and order
granted in favour of Hollard against Labat Africa for payment of R20 million, interest thereon
and costs on the attorney and client scale on 19 January 2024. The Court’s order does not
finally determine the separate rescission proceedings, which remain pending.
The Court further directed that a copy of the Order be served and published forthwith in
the Government Gazette and a daily newspaper circulating in the district in which the
Company conducts business. The Order must also be served on each known creditor of the
Company, the Company’s employees, the South African Revenue Service, any trade union
representing the Company’s employees, and the Master of the High Court, in accordance
with the methods specified in the order.
The Company is considering the judgment and its legal implications and will continue to
assess the lawful steps available to protect the interests of the Company and its
shareholders. Shareholders will be advised of material developments. The Company will
provide further information regarding the potential operational and financial implications
of the order as and when these can be reasonably assessed, in accordance with the JSE
Listings Requirements and applicable law.
JOHANNESBURG
20 October 2026
JSE Sponsor
Vunani Sponsors
Date: 20/10/2026 05:14:00
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