Pelhams, Radar struck off ZSE

Pelhams, Radar struck off ZSE

HARARE, April 29 (The Source) – The Zimbabwe Stock Exchange (ZSE) on Friday said it is delisting Pelhams and Radar Holdings from the local bourse’s official list.

This brings to three, the number of firms to be delisted this month after Phoenix Consolidated, which was removed on April 15 and reduces the number of listed companies to 62.

Pelhams, one of Zimbabwe’s oldest furniture and appliances retailers, fell on hard times, incurring successive losses leading to it being placed under provisional liquidation last November. Founded in 1949, Pelhams was listed in 2002 after having been unbundled from a restructuring Delta Corporation.

Trading of Pelhams shares on the ZSE was suspended on December 10 2015.

In a notice on Friday, the ZSE said it had initiated the termination of listing of Pelhams on the basis of the issuers’ non-compliance with the ZSE listing requirements

“In terms of section 1.18 (d) of the listing requirements, holders of Pelhams’ securities are hereby advised that the securities are no longer tradable on the ZSE with effect from 3 May 2016,” said ZSE in a statement.

“Pelhams failed to hold AGMs and publish audited financial statements for 2014 and 2015. Pelhams also failed to publish quarterly updates as required and is yet to settle its listing fees arrears.”

Pelhams is majority owned by lawyer Tawanda Nyambirai.

Radar Holdings, the parent company of struggling brick maker MacDonald Bricks, applied for voluntary termination on October 6 last year after getting shareholders approval at an extraordinary general meeting held on February 25 that year. Radar, like Pelhams, was established in 1949 and listed in 1983.

In the past two years the company has reported successive after tax losses of $288,000.

“Radar holdings will be removed from the ZSE official list with effect from 16:30 hours on 29 April,” said the ZSE.