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Rainbow Tourism Group shares saying the two have not met the conditions precedent to the lifting of the suspension.
It has advised investors to trade in the shares with caution.
RTG and Afre resumed trading on the local bourse last Thursday.
This came after the commission had earlier blocked a bid by Finance Minister Tendai Biti to lift the suspension.
SECZ then argued it needed enough time to assess the situation.
“The SECZ notes that none of the three prerequisites to the lifting of the suspension had been fulfilled or, if they had, this was not made known to SECZ,” the commission said in a statement.
“Until these prerequisites are satisfactorily addressed by the company and it had completed its own investigations, SECZ advises that the investing public should trade with caution.”
According to the conditions, Afre was expected to address corporate governance issues relating to its failure to uphold its fiduciary duty and responsibility to protect the interest of policyholders and investors.
SECZ said the Afre board was also supposed to make full disclosures, clarifying the issue of investments, which include cash balances and money market investments in ReNaissance Merchant Bank and the completion of the forensic audit on Afre subsidiaries.
Minister Biti had also directed the Commissioner of Insurance to investigate First Mutual Life, FMRE, Tristar and Pearl Properties (Pvt) Limited.
Afre and RTG were suspended from trading by the ZSE following suspected irregular inter-company transactions, which have roots in a US$12 million loan extended by businessman Mr Jayesh Shah to former Afre executive chairman Mr Patterson Timba.
Investigations by the Reserve Bank of Zimbabwe also unearthed irregular shareholding structures, board and management functions and unlawful inter-company transactions
Following the underhand dealings, Econet Wireless Zimbabwe has indicated plans to offload its shareholding in the two companies.
Econet controls 19 percent of Afre and 9 percent in RTG.
In suspending Afre and RTG, Minister Biti said he had noted, “with concern”, notices from the two firms advising on issues that potentially breach sections of the Securities Act.
He said: “The ministry is concerned with the goings-on at Afre and RTG. Of late, we have seen fliers and notices of rights offers and EGMs, which in our view have the potential of breaching Section 85 of the Securities Act.”
Yesterday, Afre was bid at US3,3c while RTG was offered at US2c.
Online Reporter