Date: 31 March 2011

TO: ALL NEWS EDITORS AND JOURNALISTS

RE: COMPANIES ACT IMPLEMENTATION

The Department of Trade and Industry (the dti) notes the public interest regarding implementation date of the Companies Act 71 of 2008. It is important to acknowledge that the parliamentary process in regard to the adoption of the Companies Amendment Bill was only finalised on 24 March 2011, following a rigorous and inclusive consultative process that resulted in the incorporation of recommendations from stakeholders. The parliamentary process took slightly longer than anticipated. The

Companies Amendment Bill is currently going through the necessary approval processes for the President’s assent. the dti is of the view that the Presidency must be allowed to apply its mind sufficiently in processing the Companies Amendment Bill before signing it into Law. the dti will continuously advise stakeholders of progress in this regard. the dti is confident that all systems and processes necessary for the Companies and Intellectual Property Commission’s operation are on track, and acknowledge the practical challenges surrounding the implementation date.

For more information contact Sidwell Medupe on (012) 394-1650 or 079 492 1774 or via email on: MSMedupe@thedti.gov.za

Issued by:                     Communication and Marketing, the dti
                                        Head of Communication: Clement Manoko
                                        Tel: (012) 394 1712
                                        Mobile: 082 311 8931
                                        E-mail: NManoko@thedti.gov.za
                                        the dti website: www.thedti.gov.za