Zimbabwean gold producer, Falcon Gold (Falgold) has been suspended from trading on the Zimbabwe Stock Exchange as the firms eyes a de-listing from the bourse.
Falgold has been facing a number of operational challenges, including delays in the publication of its annual results for the year ended September 30, 2019.
Said ZSE chief executive Justin Bgoni today:
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary suspension from trading in shares of Falcon Gold Zimbabwe Limited with effect from 02 March 2020 pending publication of audited financial results for the year ended 30 September 2019 and a circular to shareholders regarding the proposed termination of listing.”
ZSE said it expects the gold producer to maintain its obligations by updating shareholders regarding developments in the company as expected of a listed firm until its de-listing had been finalised.
In 2019, Falgold requested another voluntary suspension, which lasted seven months after failing to publish its financials on time.
Firms listed on the ZSE are required to publish half-year and full year financial statements and constantly update shareholders on any activities or developments that might affect the share price, and non-compliance typically results in suspension.