THE Zimbabwe Stock Exchange (ZSE) has delisted three companies — Barbican Holdings, TZI Limited and Red Star Holdings —as capital constraints continue to hurt the economy.
Report by Business Reporter
In a statement yesterday, the ZSE said the companies’ terms were suspended and removed from the official list with effect from this week.
TZI Limited and Barbican Holdings were both suspended from trading on the local bourse in 2004.
“Since then, Barbican Holdings Limited has failed to meet its continuing obligations. No response has been received from the principals of Barbican Holdings Limited at the last known address. In terms of Section 1.18 of the ZSE Listing Rules, holders of TZI Limited securities are hereby advised that in view of the termination, the paper is no longer tradable,” the ZSE said in a statement.
The ZSE said from the time Barbican was suspended in 2004, the company failed to meet its obligations.
Barbican failed to perform after Reserve Bank governor Gideon Gono terminated Barbican Bank’s licence.
The ZSE said Red Star had requested for an extension of its suspension with the hope that it would bounce back, but to date no progress had been made.
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“Since then, there has been no report of progress on the purpose of which the suspension was made. Consequently, a decision to terminate has been made,” the statement read.
Redstar Holdings was put under voluntary liquidation as the company ceased operating and there were no prospects for resuming operations.
As of September 25, 2011, Red Star Holdings’ total current liabilities stood at $8 731 670 while assets amounted to $365 741.
