Categories: Stories

CFI suspended from Zimbabwe Stock Exchange

Agro-industrial concern CFI Holdings was yesterday temporarily suspended from the Zimbabwe Stock Exchange to allow for the publication of audited financial statements for last year and investigations into trading done during a closed period, the bourse said.

The conglomerate, has struggled in recent times, reporting a $3.8 million loss in the half-year to March last year from $5.5 million in the prior period.

It has yet to announce its financials for the year ending September 2015.

“CFI Holdings Limited was suspended with effect from 29 January, 2016,” said a statement by the ZSE.

“A trade of the Company’s issued shares, which was executed on the ZSE during the closed period, was reported to the Securities and Exchange Commission of Zimbabwe. The ZSE temporarily halted trading in the Company’s shares with effect from 27January 2016 pursuant to Paragraph 4.13.2 of the ZSE Automated Trading System Rules and Procedures pending finalisation of the due processes. The suspension of trading in the Company’s shares was effected on 29 January 2016.”

Last September CFI reached an agreement to sell most of its Langford Estates in Harare South for $18 million to Fidelity Life Assurance, which will go towards paying off its debt to local banks.

CFI officials were unavailable to comment.

Its subsidiaries include Agrifoods, Agrimix, Crest Breeders International, Suncrest, Farm&City Centre, Vetco, Victoria Foods and Maitland.-The Source

(84 VIEWS)

This post was last modified on %s = human-readable time difference 2:56 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024