ZSE delists four companies

Business Reporter
THE Zimbabwe Stock Exchange has removed four companies, whose trades have either been suspended or terminated, from its official list.
In a statement posted on its website, the ZSE said the removal of the companies was with effect from Monday.
The removed companies are Apex Corporation, Gulliver Consolidated Limited, Steelnet (Zimbabwe) Limited and Lifestyle Holdings Limited.
The ZSE said Apex was in breach of its continuing obligations in terms of the Listing Rules and had applied for a voluntary suspension from the trading of its securities.

“The ZSE Interim Board resolved to suspend the Company’s securities from being traded with effect from 11 June 2013 for an initial period of 30 days, after which the suspension will be reviewed,” said the statement. It said Gulliver, whose securities were suspended from trading in 2012 following failure to meet reporting requirements, had also failed to meet its continuing obligations.

It said the counter’s paper was no longer tradable.
Steelnet decided to delist from the stock exchange after it was suspended in 2011 following its placement under judicial management.
“In terms of Section 1.18 of the ZSE Listing Rules, holders of Steelnet (Zimbabwe) Limited securities are hereby advised that in view of the termination, the paper is no longer tradable,” said the statement.

It said Lifestyle applied for voluntary delisting through a Scheme of Arrangement which was approved by the High Court.