17 Sep - 2 min read

Notification of change in auditors

Notification of change in auditors

HUDACO INDUSTRIES LIMITED
(“Hudaco” or the “Company”)
Incorporated in the Republic of South Africa
Registration number 1985/004617/06
Share code: HDC & ISIN: ZAE000003273

NOTIFICATION OF CHANGE IN AUDITORS

In compliance with paragraphs 3.75 to 3.77 of the Listings Requirements of the JSE Limited, the board of directors of
Hudaco (“Board”) hereby notifies its shareholders that the Company will appoint a new external auditor for and with
effect from the 2022 financial year.

Hudaco’s current auditor, BDO (including through firms with which it has merged), has been the Company’s auditor
since 1985. In terms of the Rules of the of the Independent Regulatory Board for Auditors, with effect from financial
years commencing on or after 1 April 2023, an audit firm shall not serve as the appointed auditor of a public interest
entity for more than 10 consecutive financial years. In this context, the Company conducted a comprehensive process
to identify the most appropriate firm to succeed BDO as auditor. Following this process, and on recommendation of
the Audit and Risk Committee, the Board has decided that Deloitte should be appointed as the Company’s external
auditor, with Petrus van Zijl as the designated audit partner, for and with effect from the financial year ending 30
November 2022, subject to shareholders’ approval at the 2022 Annual General Meeting to be held on or about 17
March 2022.

The audit services of BDO will continue until completion of their statutory commitments for Hudaco’s 2021 financial
year, which is expected to be on or about the date of the 2022 Annual General Meeting, whereafter Deloitte’s
appointment will commence.

The Board sincerely thanks BDO for their exemplary service to the Company over the years and will welcome Deloitte
as the new external auditor in due course.

17 September 2021

Corporate advisor and Sponsor
Nedbank Corporate and Investment Banking

Date: 17-09-2021 04:55:00
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