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Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has extended CFI Holdings Limited’s suspension from trading on the bourse by an additional 30 days to allow continued investigations into the firm’s irregularities.
CFI, an agro-industrial company, was initially suspended from trading on the ZSE on January 2, 2018.
Suspension of CFI’s shares came after the ZSE’s listings committee was granted the nod by the capital markets regulator, Securities and Exchange Commission of Zimbabwe (Secz) in sync with the provisions of the Securities and Exchange Act.
“The investing public is hereby advised that the suspension period has been prolonged by a further 30 days to June 2, 2018.
“The extension is to allow the ZSE to continue engaging CFI on certain matters, which occurred during the intervening period following the initial suspension on January 2, 2018,” said ZSE acting chief executive officer, Mr Martin Matanda, in a statement yesterday.
He said the ZSE had sought and was granted permission to further suspend trading in CFI’s shares by SECZ pursuant to the provisions of Section 64 (1) (a) (ii) of the Securities and Exchange Act (Chapter 24:25).
Mr Matanda said in terms of Section 1 paragraph 1:8 of the ZSE Listings Requirements, the company should continue to discharge its obligation to the shareholders and the ZSE during the suspension. CFI’s shares have been barred from trading on the bourse over corporate governance issues and to allow the firm to comply with listing requirements. Last year, the agro-industrial concern was a subject of bitter wrangles between the its major shareholders, Stalap Investments and Messina Investments, which control 41 percent and 42 percent respectively.
Messina Investments, which is controlled by businessman, Mr Nicholas van Hoogstraten, championed the removal of directors linked to Stalap Investments in a number of extraordinary general meetings in December 2017.
Online Reporter