ART, Border Timbers settle ZSE fees

TWO firms listed on the Zimbabwe Stock Exchange (ZSE), ART Holdings and RioZim, have settled outstanding listing fees and avoid possible suspension from trading on the bourse.

BUSINESS REPORTER

Last week, ZSE chief executive officer Alban Chirume gave ART Holdings, Celsys, Border Timbers and RioZim up to July 29 to pay up outstanding listing fees or face suspension.

According to Chirume, ART owed ZSE $2000, Celsys $3000, Border Timbers $13 294,25 while RioZim owed $5000.

In a notice on Wednesday ART said it had paid the listing fees.

“Stakeholders are advised that ART Holdings Limited has now settled all previous and current obligations to the regulatory authority and remains listed on the Zimbabwe Stock Exchange,” ART said.

RioZim chief executive officer Ashton Ndlovu told NewsDay yesterday that “RioZim is up to date with its listing fees”.

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No comment could be obtained from Celsys and Border Timbers on whether the duo had paid the outstanding listing fees.

Chirume said the fees were due in June 2013 and the companies had breached section 3,67 of the ZSE Listing Requirements which states that a listed company should pay its annual fees as soon as they are due.

“Several unsuccessful attempts have been made to recover the above fees. Payment of annual sustenance fees is part of meeting of continuing obligations to maintain a listing,” Chirume said.

Activity on ZSE is mainly driven by 10 counters such as Delta, Econet, Innscor, BAT, OK and Hippo among others amid concerns by financial analysts that the market lacks depth as the current list of actively traded counters was narrow by international standards.

The absence of market depth—the ability to sustain relatively large market orders without impacting the price of the security—militates against the luring of huge investments on the bourse, analysts have said.

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