Share

Tongaat unit suspended from trading on Zim stock exchange

The Zimbabwe Stock Exchange has halted trading of Tongaat Huletts unit, Hippo Valley, following a delay in the publication of its financial results for the period to March 2019. 

The delayed publication relates to complex accounting issues stemming from its JSE-listed parent company's re-statement of financials following a forensic probe.     

The Tongaat unit, which was supposed to have released its results for the period to March 31, 2019, missed its June 2019 deadline but asked for an extension to July 31, which it again failed to meet and applied to the ZSE to be allowed a second extension to August 14. 

It missed that deadline again. 

"The Zimbabwe Stock Exchange advises members of the investing public that it has put a halt in the trading of Hippo Valley Estates Limited’s ("Hippo") shares on the ZSE according to Clause 4.13.2 of the ZSE Trading Rules and Procedures.

"This development has been necessitated by a formal request made by Hippo for the suspension of trading in its securities after it failed to publish its audited financial statements for the year ended 31 March 2019 as per the previous public notices," the ZSE said.

ZSE has now formally requested the Securities and Exchange Commission of Zimbabwe (SECZim) to consider the application for the suspension in terms of the Securities and Exchange Act. 

Investors will be advised of the determination by SECZim as soon as it becomes available, ZSE said.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.2%
Rand - Pound
24.06
+0.2%
Rand - Euro
20.57
+0.1%
Rand - Aus dollar
12.36
+0.5%
Rand - Yen
0.13
+0.7%
Platinum
900.98
-0.2%
Palladium
1,000.76
-0.5%
Gold
2,154.33
-0.3%
Silver
24.93
-0.5%
Brent Crude
86.89
+1.8%
Top 40
65,711
-0.8%
All Share
71,937
-0.7%
Resource 10
52,899
-0.8%
Industrial 25
99,362
-1.1%
Financial 15
16,590
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders