Stock exchange: Chiyangwa's perennial loss-maker Zeco Holdings suspended

By: 
The Source

HARARE: The Zimbabwe Stock Exchange (ZSE) on Thursday suspended struggling engineering concern Zeco Holdings from trading on the local bourse for a three-month period for failing to pay listing fees and failure to hold meetings with shareholders.
 
A perennial loss maker, Zeco, remains one of the least attractive counters on the ZSE, with its last trade recorded on November 20 last year. It currently trades at 0.02 cents per share.

Zeco, a serial offender against the Zimbabwe Stock Exchange listing rules, was three months behind the mandatory financial reporting deadline for firms with a December year-end when it announced a loss of $2,1 million, with questions about its future as a going concern being raised.

The company has not held an AGM in the past three years.

“Having sought permission of the Securities and Exchange Commission of Zimbabwe pursuant to Section 64(a) (ii) of the Securities and Exchange Act [Chap 24.25], the suspension is with effect from 1 December 2016”, said ZSE chief executive Alban Chirume in a statement on Thursday.

In terms of Section 1.8 of the ZSE Listings Requirements, the Philip Chiyangwa-chaired Zeco should continue to discharge its obligations to its shareholders and the ZSE after the suspension.

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