ZSE lifts CFI suspension

ZSE lifts CFI suspension

HARARE, May 26 (The Source) – The Zimbabwe Stock Exchange (ZSE) on Thursday lifted the suspension of CFI Holdings after the company complied with ZSE listing requirement to publish financial results.

CFI’s shares were suspended from trading on January 29 this year to allow for the publication of audited financial statements for the year ended 30 September 2015.

In addition, a trade in CFI shares during a closed period, which was executed on the ZSE and reported to the Securities and Exchange Commission of Zimbabwe, also contributed to the decision to suspend trading in CFI’s shares.

“The Zimbabwe Stock Exchange hereby notifies the investing public of the lifting of the suspension in the trading of shares of CFI Holdings Limited (CFI) with effect from 26 May 2016,” ZSE chief executive Alban Chirumesaid in a statement.

“On 13 May 2016, CFI’s audited financial statements for the year ended 30 September 2015 were published to comply with the ZSE Listings Requirements thus necessitating the lifting of the suspension.”

CFI has since dollarization experienced significant financial challenges largely caused by expensive borrowings, and the impact of ageing equipment and infrastructure on efficiencies and overheads, which are not adequately aligned to the low capacity utilisation at the firm.