CELSYS Limited has been removed from the official Zimbabwe Stock Exchange (ZSE) list effective February 9 on issues relating to non-compliance with ZSE listing rules.
In a statement ZSE chief executive officer Alban Chirume said in view of the termination, Celsys securities are no longer tradeable on the ZSE with effect from February 9 2016.
“The ZSE hereby advises that Celsys Limited (the “Issuer” or “Celsys”) will be removed from the ZSE Official List with effect from9 February 2016,” he said.
Celsys Limited applied for voluntary suspension in August 2012 following a proposed take-over and reverse listing by Cambria Africa Limited through a Scheme of Arrangement and the suspension was granted with effect from August 28, 2012.
According to Chirume, Paragraph 1.8 in Section 1 of the ZSE Listings Requirements required Celsys to continue to comply with the ZSE Listings Rules during the suspension period.
Chirume said however, breaches were noted relating to non-publication of financial statements for the 2014 and 2015 financial years, Non-convening of Annual General Meetings for the aforementioned years, non-provision of quarterly updates to shareholders and the ZSE; and non-payment of annual listing fees for the years 2014 and 2015.
“Subsequently, the ZSE resolved to initiate processes for the unilateral termination the listing of the Issuer. The ZSE applied and received the approval from the SECZ for the termination of listing of
Celsys Limited pursuant to Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25],” he said.
Global Emerging Markets (GEM) holds about 59.9% in Celsys stake through its investment vehicle.
Celsys Limited has been on a perennial loss position for years as it operates under constrained conditions as a result of the subdued economy and lack of working capital. FinX
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