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Oliver Kazunga Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has delisted Trust Holdings Limited for failing to comply with listings rules. In a statement, ZSE chief executive officer Mr Alban Chirume said Trust Holdings had been delisted following permission granted by the Securities and Exchange Commission on 20 November to remove it from the official list based on Sections 1.9A and 1.9B of the stock exchange listing rules.
By law, holders of Trust Holdings Limited securities were also advised in terms of the termination, the paper was no longer tradable.
“Members of the public are hereby advised that Trust Holdings Limited (the issuer) has been removed from the official list with effect from 20 November 2013. Trust Holdings Limited’s board of directors applied for the issuer’s shares to be temporarily suspended from trading on 27 May, 2013.
“The ZSE acceded to the request to suspend trading in the company’s shares with effect from 31 May, 2013, in order to protect shareholder value. The suspension was to be reviewed upon clearance of all outstanding issues.
“Subsequently, pursuant to Section 23 of the Securities Amendment Act 2013, the ZSE sought and obtained the permission of the Securities and Exchange Commission on 20 November, 2013, to remove Trust Holdings Limited from the official list,” he said.
He said since suspension in trading of the issuer’s shares, the company had not released quarterly shareholders updates to meet provisions of Section 1.8b of the ZSE listing rules.
In addition, the company had failed to submit financial statements for the periods ended 31 December, 2012, and 30 June, 2013.
“No evidence has come to our attention to confirm that the aforementioned financial results have been distributed to shareholders pursuant to Sections 3.19 and 3.23 of the ZSE listing rules; to date, we have not been furnished with the 2012 annual report as provided in Section 3.23 of the ZSE listing rules.
The 2012 Annual General Meeting, which is a requirement of Section 3.45 of the ZSE listing rules and the Companies Act (Chapter 24:03) has not yet been held; and the company’s 2013 annual sustenance fees are overdue,” said Mr Chirume.
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