CFI suspended from ZSE over non-publication of financials, closed period trade

CFI suspended from ZSE over non-publication of financials, closed period trade

HARARE, January 29 (The Source) - Agro-industrial concern CFI Holdings was on Friday 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.

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