Chronicle Editor
Oliver Kazunga , Senior Business Reporter
CASSAVA Smartech Zimbabwe Limited (CSZL), says the suspension in the trading of its shares has been approved and technical accounting matters which delayed the publication of audited financial statements have been resolved.
Last Friday, the Zimbabwe Stock Exchange (ZSE) announced the immediate halting in trading of CSZL’s shares pending results of an application for suspension of trading in the issuer’s securities, which had been filed for consideration by the Securities Exchange Commission.
In a public notice yesterday, the financial technology firm said: “The company wishes to advise its shareholders and the investing public that following the halt in trading in the company’s shares and the application by ZSE to the Securities Exchange Commission (SEC) for suspension, SEC has approved the ZSE application.”
CSZL has failed to publish audited financial statements for the year ended February 28, 2021.
The results are now expected by October 18, 2021.
In terms of section 40 (1) (d) of the Listing Requirements, Statutory Instrument 134 of 2019, the ZSE is obliged to suspend an issuer who fails to publish audited financial statement for a period of seven months after the end of a financial year.
The delay in publication of the audited financial results for the period under consideration, CSZL said was due to certain technical accounting matters which required additional time to resolve.
“These technical accounting matters have now been satisfactorily resolved and the company expects to publish its audited results by 18th October 2021,” said the leading financial technology company.
CSZL reassured its shareholders and the investing public that the delay in publishing its accounts was purely due to technical accounting matters and is not because of any fraud or other financial misconduct.
“The company continues to operate normally as a going concern as per the trading update issued on 6th September 2021. The Company regrets any inconvenience caused to its shareholders and the investing public,” it said. – @okazunga.
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