ZSE official list dwindles to 62

Business Reporter
THE Zimbabwe Stock Exchange’s official list has just dwindled to 62 listed firms after the bourse announced on Friday the scratching of Pelhams and Radar Holdings from the list. Earlier last month, the ZSE also removed Phoenix Consolidated from its official list. ZSE chief executive officer Alban Chirume said the bourse’s hand had been forced by Pelhams’ failure to hold annual general meetings and publish audited financial statements for 2014 and 2015.

It also failed to settle its listing fees arrears for 2014 and 2015. Pelhams applied for voluntary suspension on November 26, 2015 following its placement under provisional liquidation on November 18, 2015. Trading in Pelhams’ shares on the ZSE was suspended December 10, 2015.

“Pursuant to paragraph 1.8 (a) of the ZSE listings requirements, Pelhams was obliged to continue to meet its obligations during the suspension period. Pelhams failed to hold annual general meetings and publish audited financial statements for 2014 and 2015. Pelhams also failed to publish quarterly updates as required and is yet to settle its listing fees arrears for the aforementioned years.

“The ZSE initiated the termination of listing of Pelhams on the basis of the issuer’s non-compliance with the ZSE’s listings requirements. Pelhams acceded to the ZSE’s resolution to finalise the termination process,” said Chirume in a notice.

In the same notice, the ZSE also said Radar Holdings will be removed from the ZSE official list with effect from Friday.

Radar applied for voluntary termination on October 6, 2015 pursuant to paragraph 1.7 of the ZSE Listings Requirements. Radar minority shareholders approved the termination of listing at an extraordinary general meeting held on February 25, 2016.

“Approval was received for the termination of Radar’s listing from the Securities and Exchange Commission of Zimbabwe, pursuant to Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25],” said ZSE.

The market has seen its fair share of new listings and de-listings. From last year to date, the ZSE witnessed three new entrances namely Get-Bucks, Proplastics and Simbisa.

The latter two listed by way of introduction as they were results of dividends in specie by their former parent companies Masimba and Innscor, respectively.

Besides the above-mentioned, there were also some de-listings as a result of offers by majority shareholders to minorities in ABCH and Astra.