Hippo Valley Estates, a subsidiary of Tongaat Hulet has applied for suspension of share trading on the ZSE after failing to publish its earnings for the full year to March 2019 on a third extension request.
This comes after Zimbabwe Stock Exchange rejected an application by the sugarmaker to be given the fourth extension in results publication.
Reports suggest that Hippo Valley Estates was notified on Tuesday that an extension was no longer possible. ZSE said in a statement:
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The ZSE advises members of the investing public that it has put a halt in the trading of Hippo Valley Estates Limited’s shares on the ZSE according to Clause 4.13.2 of the ZSE Trading Rules and Procedures.
ZSE has now formally requested the Securities and Exchange Commission of Zimbabwe (SECZim) to consider the application for the suspension in terms of section 64 (a) (ii) of the Securities and Exchange Act, Chapter 24:25, as amended. The investing public will be advised of the determination by SECZim as soon as it becomes available.
Previously, the company was suspended from the JSE after it emerged that it was manipulating financial results thereby shortchanging investors.
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