Business / Companies
Suspension of Chiyangwa's company lifted
02 Apr 2017 at 18:36hrs | Views
The Zimbabwe Stock Exchange (ZSE) said it has lifted the suspension on shares of Zeco Holdings Limited it imposed last November to allow it to comply with the bourse listing requirements.
This comes after a plea by Zeco, which is chaired by Zimbabwe Football Association and Council of Southern Africa Football Association president Philip Chiyangwa, to relist the security - which builds rail wagons and locomotives for the utilities in Zambia, Tanzania, Mozambique, Ethiopia, and Kenya. It also manufactures roller shutters, lift up garage doors, steel windows and doorframes, burglar bars, and filing cabinets, as well as agricultural implements.
This comes after Zeco shares were delisted from ZSE for three months from December 1, to allow the engineering firm to comply with listing obligations.as soon as possible
This comes after Zeco shares were delisted from ZSE for three months from December 1, to allow the engineering firm to comply with listing obligations.
The Native Investments Africa Group founder had asked the ZSE to seek approval from the Securities and Exchange Commission of Zimbabwe to relist the security as soon as possible.
ZSE had said the suspension was meant to allow the company to convene a shareholders' meeting for the years 2014 and 2015; distribute outstanding annual reports for the aforesaid financial years to shareholders and payment of outstanding annual listing fees.
Zeco Holdings Limited held an Annual General Meeting on Mar 03 at 256 Samora Machel Avenue in Harare and received and adopted the December 2014 and December 2015 financials with reports of directors and auditors; in terms of Article 83 of the company's article of association.
Engineer Benjamin Rafemoyo and Marshall Jonga - due to retire from the board by rotation - being eligible, offered themselves for re-election. Zeco also appointed auditors for the current year and approved remuneration and directors' fees for the financial year ended December 30 2015.
"On 22 March 2017, the Listing Committee resolved that Zeco Holdings Limited had now regularised its standing to comply with the ZSE Listing Requirements thus necessitating the lifting of the suspension," said acting ZSE chief executive Martin Matanda in a statement, adding the Securities Exchange Commission approved lifting the suspension on Wednesday.
The move eliminated the trading halt that had bumped the depressed stock.
Zeco Holdings is a result of a merger between Zimbabwe Engineering Company (Zeco) Ltd and Critall Hope.
Source - dailynews