Pelhams suspend share trading on ZSE

29 Nov, 2015 - 00:11 0 Views

The Sunday News

Market report

PELHAMS Limited has applied to the Zimbabwe Stock Exchange for voluntary suspension of its shares in accordance with sections of the Listing rules, the ZSE announced on Friday.

In a statement ZSE also said the provisional liquidation of TN was still open until a final determination by the High Court in April next year.

“Following an application by TN Harlequin Luxaire Limited and another creditor, the company was placed under provisional liquidation with effect from 18 November 2015. 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. 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 recapitalise the company,” said ZSE.

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

“The company remains open until the final determination by the High Court on the 6th of April 2016. All creditors will be contacted by the liquidator in due course.

“The Zimbabwe Stock Exchange was notified of this development on 24 November 2015. Pelhams Limited wishes to advise all shareholders that the company has applied for voluntary suspension in the trading of its shares with immediate effect in accordance with Section 1.7(a) of the Listing Rules.”

Meanwhile, the Industrial index lost a further 0.48 points (0.41 percent) to close the week on Friday at 117.64 points.

Old Mutual declined by $0,0291 to trade at $2,1109; SeedCo slipped $0,0176 to close at $0,8799 while Delta eased $0,0090 to $0,7387. Zimre Holdings was $0,0001 weaker at $0,0122.

However, BAT gained a significant $0,1254 to settle at $12,1754 and Econet gained $0,0019 to close at $0,1800. Activity was limited to 12 counters.

Week on week Industrial index lost 2.93 points (2,43 percent). The Mining index was steady at 22.33 points. Bindura,

Falgold, Hwange and RioZim maintained previous price levels at $0,0130, $0,0050, $0,0340 and $0,1040 in that order.

Week on week Mining index remained unchanged.

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