ZSE delist three listings

ZSE delist three listings
Published: 05 June 2013
THE Zimbabwe Stock Exchange’s interim board has ordered the termination of the listing of Barbican Holdings Limited, TZI Limited and Red Star Limited.

The order, which was effected on Tuesday this week, saw the removal of the three companies from the official list of ZSE-listed companies.

The termination was announced in a notice issued by the board yesterday.

"Members of the public are advised that the listing of the following companies have been terminated and removed from the official list with effect from April 23, 2013," read the statement.

The three companies had suspended trading for a while, a factor that influenced the board’s decision.

Barbican Holdings Limited was suspended in 2004 following the closure of the company’s banking subsidiary by the central bank. 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 Barbican Holdings Limited securities are hereby advised that in view of the termination, the paper is no longer tradable," noted the board.

TZI Limited was suspended in 2004 following a material adverse event in a Zambian subsidiary. Since then, TZI Limited had also failed to meet its continuing obligations.

The ZSE also had no response from the principals of TZI Limited at the last known address.

Red Star Holdings Limited requested for a suspension rather than a delisting at the time of the conclusion of a Scheme of Arrangement within the group.

Since then, the ZSE said it had not received a report of progress on the purpose of which the suspension was made. Consequently, it decided to terminate the listing.
- TH
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