Categories: Stories

Pelhams under provisional liquidation- share trading suspended

The Zimbabwe Stock Exchange has stopped trading in Pelhams shares after the company entered into provisional liquidation, officials said yesterday.

“The ZSE is in possession of material information on Pelhams which could potentially affect the price of the Issuer’s shares. To that effect, the ZSE has temporarily stopped trading in Pelhams shares pursuant to Paragraph 4.13.2 of the ZSE Automated Trading System Rules and Procedures pending further announcements,” the ZSE said in an announcement.

Investors will not be able to buy or sell Pelhams shares during the period the Securities Halt is in effect, it added.

In a separate notice, Pelhams said the company was placed under provisional liquidation with effect from November 18 following an application by TN Harlequin Luxaire and another creditor.

“The Company had failed to pay its debts to TN Harlequin Luxaire Limited and other creditors due to the fall in consumer demand and failure by the company’s debtors, who are predominantly civil servants, to pay their debts,” it said.

“The application by TN Harlequin Luxaire Limited to place the company under liquidation followed the refusal by the other shareholders to support TN Harlequin Luxaire Limited’s request to recapitalize the company.”

Both Pelhams and TN Harlequin are majority owned by lawyer Tawanda Nyambirai.

Christopher Maswi of Fairvalue Chartered Accountants was appointed as the provisional liquidator.

Pelhams said it remains open until the final determination by the High Court on April 6 next year.-The Source
 

(61 VIEWS)

This post was last modified on %s = human-readable time difference 3:26 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