Business / Companies
2 firms removed from Zimbabwe Stock Exchange
02 May 2016 at 06:36hrs | Views
TWO companies were last week removed from the Zimbabwe Stock Exchange leaving the number of counters on the bourse at 62.
Pelhams Limited and Radar were both removed from the stock exchange with effect from last Friday according to a ZSE statement.
Pelhams was permanently removed from the Zimbabwe Stock Exchange about five months after its voluntary suspension from the bourse in November.
Trading in Pelhams' shares on the bourse was suspended at the beginning of December subsequent to the company's application.
In a notice to the investing public published on Friday, ZSE chief executive Alban Chirume said pursuant to paragraph 1.8(a) of the ZSE Listings Requirements, Pelhams was obliged to continue to meet its continuing obligations during the suspension period.
Pelhams however failed to hold annual general meetings and publish audited financial statements for 2014 and 2015. Pelhams also failed to publish quarterly updates as required and is yet to settle its listing fees arrears for the aforementioned years.
"The ZSE initiated the termination of listing of Pelhams on the basis of the issuer's non-compliance with the ZSE's Listings Requirements. Pelhams acceded to the ZSE's resolution to finalise the termination process. Approval for the termination of Pelhams' listing was received from the Securities and Exchanges Commission of Zimbabwe pursuant to Section 64(a)(i) of the Securities and Exchange Act (Cap24.25)," said Mr Chirume.
""In terms of Section 1.18(d) of the ZSE Listings Requirements, holders of Pelhams' securities are hereby advised that the securities are no longer tradable on the ZSE with effect from may 3 2016," he said.
Radar was also removed from the bourse last week after its shareholders approved the termination of listing in an extraordinary general meeting held in February. Radar applied for voluntary termination on October 6 last year.
"In terms of Section 1.18 (d) of the ZSE Listings Requirements holders of Radar's securities are hereby advised that the securities are no longer tradable on the ZSE with effect from May 3 2016," said Mr Chirume.
Pelhams Limited and Radar were both removed from the stock exchange with effect from last Friday according to a ZSE statement.
Pelhams was permanently removed from the Zimbabwe Stock Exchange about five months after its voluntary suspension from the bourse in November.
Trading in Pelhams' shares on the bourse was suspended at the beginning of December subsequent to the company's application.
In a notice to the investing public published on Friday, ZSE chief executive Alban Chirume said pursuant to paragraph 1.8(a) of the ZSE Listings Requirements, Pelhams was obliged to continue to meet its continuing obligations during the suspension period.
"The ZSE initiated the termination of listing of Pelhams on the basis of the issuer's non-compliance with the ZSE's Listings Requirements. Pelhams acceded to the ZSE's resolution to finalise the termination process. Approval for the termination of Pelhams' listing was received from the Securities and Exchanges Commission of Zimbabwe pursuant to Section 64(a)(i) of the Securities and Exchange Act (Cap24.25)," said Mr Chirume.
""In terms of Section 1.18(d) of the ZSE Listings Requirements, holders of Pelhams' securities are hereby advised that the securities are no longer tradable on the ZSE with effect from may 3 2016," he said.
Radar was also removed from the bourse last week after its shareholders approved the termination of listing in an extraordinary general meeting held in February. Radar applied for voluntary termination on October 6 last year.
"In terms of Section 1.18 (d) of the ZSE Listings Requirements holders of Radar's securities are hereby advised that the securities are no longer tradable on the ZSE with effect from May 3 2016," said Mr Chirume.
Source - the herald
