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PHOENIX Consolidated Industries Ltd has been removed from the Zimbabwe Stock Exchange official list with immediate effect. This was after members and creditors of the firm, which was placed under provisional judicial management in 2013 applied for a delisting last month. Phoenix was granted an order by the High Court to be placed under provisional judicial management on October 2, 2013. And pursuant to meeting the requirements of Section 64 (a) (ii) of the Securities and Exchange Act (Chapter 24.25), suspension of trading in the Company’s shares was effected on October 3, 2013.
ZSE chief executive officer Alban Chirume said Friday in view of the application by the members and creditors, the bourse had applied and received approval from the Securities and Exchange Commission of Zimbabwe (SECZ) for termination of listing of Phoenix Consolidated Industries.
“Members and creditors approved the delisting of the Phoenix in a members’ and creditors’ meeting in 2014. A formal application for delisting was submitted on March 15, 2016 for delisting, citing a resolution by members and creditors in 2014. “The ZSE applied and received the approval from the Securities and Exchange Commission of Zimbabwe for the termination of listing
of Phoenix Consolidated Industries Limited pursuant to Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25],” said Chirume in a statement.
“In terms of Section 1.18 (d) of the ZSE Listings Requirements, holders of Phoenix securities are hereby advised that in view of the termination, the securities are no longer tradeable on the ZSE with effect from April 15, 2016.”
Phoenix was formed after the unbundling of Apex Corporation of Zimbabwe Ltd. It manufactures plastics and allied products as well as steel and allied products in Bulawayo and Harare. The group comprises five companies, namely Phoenix Brushware, Scandia Wire, John W Searcy, William Smith and Gourock & Pacprint. — BH24
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