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Zimbabwe: ZSE lifts cassava trade suspension

 


The Zimbabwe Stock Exchange (ZSE) lifted the 18-day suspension of trading in shares of tech giant Cassava Smartech after the company complied with legal requirements.

Cassava was suspended on October 1 for failing to meet the deadline for publishing its financial statements for the fiscal year ended February 2021.

The company then released its financial statements yesterday, which resulted in the suspension being lifted.

“Following the public notice published on October 4, 2021, the Zimbabwe Stock Exchange Limited (ZSE) hereby notifies the investing public that the suspension of trading in the shares of Cassava Smartech Zimbabwe Limited (Cassava) on the Zimbabwe Stock Exchange ( “ZSE”) will be lifted as of October 19, 2021, ”ZSE CEO Justin Bgoni said.

“Cassava securities trading was suspended after the issuer failed to release its audited financial statements for the year ended February 28, 2021. Cassava successfully released its audited financial statements on October 18, 2021.”

Zimbabwe’s Securities and Exchange Commission has approved ZSE’s request to lift the suspension of trading in Cassava shares.

Cassava recorded a loss of $ 1.042 billion for the year, weighed down by exchange losses of $ 4.6 billion as the local currency lost ground against the greenback.

Revenue fell 26% to $ 14 billion from $ 19 billion the previous year due to the impact of the COVID-19 pandemic which affected economic activity.

High operating costs weigh on the profitability of the company during the year.

Sources

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2/ https://allafrica.com/stories/202110190303.html

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