ZSE delists 3 firms

HARARE - The Zimbabwe Stock Exchange (ZSE) has terminated the listing of Barbican Holdings Limited (Barbican), TZI Limited (TZI) and Red Star Holdings (Red Star).

“The terminations were ratified by the Board and as such, these companies will no longer appear on the official list of the ZSE,” the bourse said.

Barbican was suspended in 2004 following the closure of its banking subsidiary Barbican Bank by the Reserve Bank of Zimbabwe.

“Since then, Barbican Holdings Limited has failed to meet its continuing obligations,” the ZSE said adding that “no response has been received from the principals of Barbican Holdings Limited.”

It said in terms of Section 1.18 of the ZSE Listing Rules, Barbican securities are no longer tradable.

TZI was also suspended from the equities market in 2004 following a material adverse event in a Zambian subsidiary.

Since then, TZI has failed to meet its continuing obligations and the ZSE says it has failed to get cooperation from the company’s principals.

ZSE said TZI’s stock is no longer tradable.

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

Since then, there has been no report of progress on the purpose of which the suspension was made,” said the ZSE. - Business Editor

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