ZSE delists Pelhams

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Zimbabwe Stock Exchange chief executive officer Alban Chirume

The Zimbabwe Stock Exchange (ZSE) has delisted furniture and appliances retailer group Pelhams as at close of business on Friday for failing to meet the listing rules, which compel companies to produce audited accounts and pay listing fees.

BY BUSINESS REPORTER

Alban-Chirume

The group, in which lawyer and businessman Tawanda Nyambirai has a controlling interest, had applied for voluntary suspension on November 26, 2015.

In a notice on Friday, ZSE chief executive officer Alban Chirume said Pelhams was obliged to meet its continuing obligations during the suspension period but failed.

“Pelhams failed to hold annual general meetings and publish audited financial statements for 2014 and 2015. Pelhams also failed to publish updates as required and is yet to settle its listing fees arrears for the aforementioned years,” Chirume said.

He said ZSE initiated the termination of listing of Pelhams on the basis of the issuer’s non-compliance with the ZSE’s listing requirements, adding that securities would no longer be tradable on ZSE with effect from May 3.

In its financial results for the year ended March 31 2014, Pelhams’ loss widened to $3,3 million from $1,7 million in the prior year due to weakening consumer demand and rising default as sales plummeted.

Meanwhile, ZSE said Radar Holdings exited the official list as of Friday having applied for voluntary termination in October last year.

“Radar minority shareholders approved the termination of listing in an extraordinary general meeting held on 25 February 2016,” Chirume said.

He said Radar securities would not be traded on ZSE with effect from tomorrow.

3 COMMENTS

  1. This is the saddest story to hear about the little companies closure, since their sales revenue could not yield enough takings on ZSE, they resort nothing else but to liquidate their operations.

    But the govt must look into the issue to resuscitate those few companies which are struggling to earn ants meat.

    Maybe there should be reluxation of certain policies to give more lease of life to the remnant of business which are still in operation.

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