News / National
Chiyangwa's company suspended from Stock Exchange
03 Dec 2016 at 07:31hrs | Views
The Zimbabwe Stock Exchange (ZSE) last week suspended struggling engineering concern Zeco Holdings from trading on the local bourse for a three-month period for failing to pay listing fees and failure to hold meetings with shareholders.
A perennial loss maker, Zeco, remains one of the least attractive counters on the ZSE, with its last trade recorded on November 20 last year. It currently trades at 0.02 cents per share.
Zeco, a serial offender against the Zimbabwe Stock Exchange listing rules, was three months behind the mandatory financial reporting deadline for firms with a December year-end when it announced a loss of $2,1 million, with questions about its future as a going concern being raised.
The company has not held an AGM in the past three years. In terms of Section 1.8 of the ZSE Listings Requirements, the Philip Chiyangwa-chaired Zeco should continue to discharge its obligations to its shareholders and the ZSE after the suspension.
A perennial loss maker, Zeco, remains one of the least attractive counters on the ZSE, with its last trade recorded on November 20 last year. It currently trades at 0.02 cents per share.
The company has not held an AGM in the past three years. In terms of Section 1.8 of the ZSE Listings Requirements, the Philip Chiyangwa-chaired Zeco should continue to discharge its obligations to its shareholders and the ZSE after the suspension.
Source - Byo24News
