Markets

ZSE gives firms reprieve on financial results

BUSINESS REPORTER

The Zimbabwe Stock Exchange (ZSE) has given companies that were due to release financial results by March 31 a 30-day grace period amid requests by firms to extend the deadline as they move to contain coronavirus.

ZSE chief executive officer Justin Bgoni said in a notice on Tuesday the extension takes note of the rapidly evolving developments relating to coronavirus and measures implemented by companies to mitigate the risk of the spreading of the pandemic.

“Issuers whose half-year or full year financial period ended December 31, 2019, and are due for publication by March 31, 2020, are hereby granted a 30-day compliance grace period to April 30, 2020, Bgoni said.

He said companies that are due to hold annual general meetings should not have more than 50 members in line with President Emmerson Mnangagwa’s decree to ban large gathering as part of measures to contain the spread of the coronavirus.

“The country is therefore in an emergency mode and our interpretation is that AGMs are likely to be attended by 50 or more people are accordingly banned,” Bgoni said.

“If you are sure you may proceed to make an application to delay the holding of your AGMs through the Registrar of Companies citing the foregoing reasons you might have in support of your application.”

This week Zimre Holdings Limited and British American Tobacco announced that they had obtained approval from ZSE to delay the publication of financial results.

Coronavirus, also known as COVID-19, has ravaged global economies since its outbreak in China’s Hubei province in December last year.

Last week, President Mnangagwa declared coronavirus State of national disaster and has restricted movements.

Mashonaland Holdings yesterday postponed it AGM while Nampak’s meeting of shareholders which was scheduled to take place today at the company’s premises has also been called off.

Related Articles

Leave a Reply

Back to top button
Close