HARARE — Starafricacorporation chairman, Joe Mutizwa’s family trust, which last week sold over four million shares of the group during a closed period in contravention of listing rules, said the sale was done in error after the firm delayed publishing its financials.
Zimbabwe Stock Exchange listings rules prohibit directors and senior employees from trading in shares of a company in the period commencing one month prior to the end of the reporting period.
“(The transaction) was made by the J S Mutizwa Family Trust in error owing to the late publication of Starafrica’s audited results as the Trust was focused on the closed period coming to an end with the publication of the audited results on 5 September, 2014,” Starafrica said in a notice to the ZSE.
“There was therefore an oversight on the closed period that commenced on 1 September 2014 in respect of the half-year performance of the company.”
The trust sold 4 027 537 shares on September 16, a move which analysts described as unprecedented in recent times.
Mutizwa apologised for the oversight. — the source