Local equities market, the Zimbabwe Stock Exchange (ZSE) has suspended Hippo Valley Estates Limited from trading on the local bourse for failing to publish its audited financial results for the year-ended March 31, 2019.
Hippo Valley failed to publish its audited financial statements on August 14, 2019, as previously communicated to the shareholders in a notice dated July 31, 2019.
“The Zimbabwe Stock Exchange advises members of the investing public that it has put a halt in the trading of Hippo Valley Estates Limited’s shares on the ZSE according to Clause 4.13.2 of the ZSE Trading Rules and Procedures. This development has been necessitated by a formal request made by Hippo for the suspension of trading in its securities after it failed to publish its audited financial statements for the year ended March 31, 2019 as per the previous public notices,” ZSE chief executive officer Justin Bgoni said in a statement.
“The ZSE has now formally requested the Securities and Exchange Commission of Zimbabwe (SECZ) to consider the application for the suspension in terms of section 64(a)(ii) of the Securities and Exchange Act, Chapter 24:25, as amended. The investing public will be advised of the determination by SECZ as soon as it becomes available.”
According to a letter dated August 14, 2019, the ZSE said Hippo Valley requested for a further extension to delay the publication of its audited financial statements to October 31, 2019, but the local bourse refused to grant the extension.