ZSE lifts CFI suspension

HARARE - The Zimbabwe Stock Exchange (ZSE) has lifted the suspension of CFI Holdings Limited after the diversified concern complied with listing rules.

CFI, which owns businesses in real estate and agro-industrial, was early this year suspended from trading on the local bourse after it failed to publish its September year-end results within the stipulated time frames.

“ZSE hereby, notifies the investing public of the lifting of the suspension in the trading of shares of CFI Holdings Limited with effect from May 26, 2016,” ZSE chief executive Alban Chirume said.

He added that CFI’s publication of its financial results on May 13 this year necessitated the lifting of the suspension.

“The suspension and its lifting were approved by the Securities and Exchange Commission of Zimbabwe pursuant to Section 64 of the Securities and Exchange Act (Cap24.25),” Chirume said.

CFI, which recently changed management after long-serving chief executive Steve Kuipa and chairman Simplicius Chihambakwe were retired when they failed to publish the financial results on time, made a $25 million in the year to September 2015.

Excluding retrenchments, the group posted an operating loss before depreciation and financing costs of $9,96 million against a loss of $6,3 million in prior year.

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