The Zimbabwe Stock Exchange (ZSE) yesterday said it had suspended Zeco Holdings from trading its shares for three months to allow the company to comply with listing obligations.
BY BUSINESS REPORTER
ZSE chief executive officer, Alban Chirume said the company should comply with convening shareholders’ meetings for the years 2014 and 2015, distribute outstanding annual reports for the aforesaid financial years to shareholders and payment of outstanding listing fees.
“Having sought permission of the Securities and Exchange Commission of Zimbabwe pursuant to section 64 (a)(ii) of the securities and Exchange Act (Chapter 24.25), the suspension is with effect from December 1, 2016. In terms of section 1.8 of the ZSE listing requirements, the company should continue to discharge its obligation to the shareholders and the ZSE after suspension,” he said in a statement.
The struggling engineering firm, owned by businessman Philip Chiyangwa, was delisted on the ZSE in 1998 after facing financial challenges and it bounced back on the market in 2007 after merging with Critall Hope.
According to statistics from the ZSE, the company has not been trading frequently on the market.
