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Oliver Kazunga, Senior Business Reporter
THE Zimbabwe Stock Exchange Limited (ZSE) has ceased the trading in securities of Cassava Smartech Zimbabwe Limited with effect from today.
In a statement, ZSE chief executive officer, Mr Justin Bgoni, said the halt in trading has been implemented pending results of an application for suspension of trading in the issuer’s securities filed for consideration by regulatory authorities.
“The ZSE notifies the investing public that trading in the securities of Cassava Smartech Zimbabwe Limited (CSZL) will be halted with effect from 01 October 2021,” he said.
“The halt in trading of the issuer’s securities has been effected pending the outcome of an application for the suspension of trading in the issuer’s securities, which was filed for consideration by the Securities and Exchange Commission of Zimbabwe.”
Mr Bgoni also said CSZL failed to publish audited financial statements for the financial year ended February 28, 2021 and remains in default. 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 statements for a period of seven months after the end of a financial year.
“Once an application for suspension has been approved by the Securities and Exchange Commission, it can only be lifted when an issuer has published its audited financial statements,” said Mr Bgoni.
-@okazunga
Online Reporter