ZB seeks approval to delay financials

LIVINGSTONE MARUFU

Listed financial services provider, ZB Financial Holdings (ZBFH), is seeking regulatory approval from the Zimbabwe Stock Exchange (ZSE) to delay the publication of its audited financial statements due to the impact of prolonged Covid-19 lockdown, Business Times can report.

Listed companies are compelled to publish their audited half year and full year financial statements by March 31 each year.

But, ZB this week indicated the group will not be able to beat the March 31 deadline.

 “We are likely going to delay publishing our results as our auditors were home during the lockdown period and very little progress has been made. They tried to do some virtual meetings but the connectivity was poor,” ZB chief executive Ron Mutandagayi told to Business Times this week.

ZSE chief executive officer, Justin Bgoni, confirmed receiving one application for extension. He, however, refused to disclose the identity of the company that applied for an extension.

“We have not received many requests for an extension of the compliance period by listed companies. To date, we only have one request,” Bgoni said.

Last year, ZB Holdings also asked for an extension.

The group said it was unable to publish its audited financial statements by April 30, 2020 due to the COVID-19 lockdown which made it difficult to avail critical resources to produce the results.

Others such as Dawn Properties, GetBucks, First Mutual Holdings Limited, CBZ Holdings, First Mutual Properties Limited and Zeco Holdings also sought permission from the bourse to delay publishing their financial results.