Hippo Valley to finally release financials

Tawanda Musarurwa

HARARE – Sugar processor Hippo Valley Estates Limited has set December 20, 2019 as the date that it will publish its audited financial statements for the year ended 31 March 2019.

This comes after the sugar processor failed to meet three previous Zimbabwe Stock Exchange-imposed deadlines to publish the results.

The company’s shares remain suspended. They were suspended earlier in August after the firm had missed three deadlines to publish its financial results, including two extensions.

According to its latest trading update, Hippo Valley said publication of its results on December 20 will ensure that it will be able to hold its annual general meeting early 2020.

“The audited financial statements for the year ended 31 March 2019 will be released on or before 20 December 2019 to enable the Company to hold its annual general meeting on 30 January 2020. The Company’s annual report, incorporating the notice of the AGM, will be issued at the appropriate time,” said the company in its latest cautionary.

Allegations of financial misappropriation against South African-headquartered parent company Tongaat Hullet Limited (THL) had forced Zimbabwean subsidiary, Hippo Valley Estates Limited to postpone publication of its FY2019 results.

The parent company is facing an accounting scandal back in South Africa, which resulted in the suspension of its securities on the Johannesburg Stock Exchange (JSE) in June.

The group’s share was suspended following the JSE’s announcement on May 31 that the company would have to restate its equity by between R3,5 billion and R4,5 billion for its 2018 year.

To this extent, Tongaat Hullet Ltd moved to delay the announcement of its 2019 financial results to October, by which time it is targeting to recommence trading on the South African bourse.

Hippo has now said the strategic and financial review of the holding company has now been completed, and that the key findings will be available to the public on November 29, 2019.

“As previously reported, the strategic and financial review, including forensic investigations by the holding company, Tongaat Hulett Limited is now complete. THL will release the key findings of the forensic investigations on its website on Friday, 29 November 2019,” said Hippo.