Agro-industrial concern CFI Holdings was on Friday temporarily suspended from the Zimbabwe Stock Exchange to allow for the publication of audited financial statements for last year and investigations into trading done during a closed period, the bourse said.
The conglomerate, has struggled in recent times, reporting a $3,8 million loss in the half-year to March last year from $5,5 million in the prior period.
It has yet to announce its financials for the year ending September 2015.
“CFI Holdings Limited was suspended with effect from 29 January, 2016,” said a statement by the ZSE.
“A trade of the Company’s issued shares, which was executed on the ZSE during the closed period, was reported to the Securities and Exchange Commission of Zimbabwe. The ZSE temporarily halted trading in the Company’s shares with effect from 27January 2016 pursuant to Paragraph 4.13.2 of the ZSE Automated Trading System Rules and Procedures pending finalisation of the due processes. The suspension of trading in the Company’s shares was effected on 29 January 2016.”
Last September CFI reached an agreement to sell most of its Langford Estates in Harare South for $18 million to Fidelity Life Assurance, which will go towards paying off its debt to local banks.
CFI officials were unavailable to comment.
Its subsidiaries include Agrifoods, Agrimix, Crest Breeders International, Suncrest, Farm&City Centre, Vetco, Victoria Foods and Maitland.
3 Replies to “CFI suspended from ZSE”
Comments are closed.
It’s not only about CFI management. As I seeit, investors / shareholders who keep hanging to stock of a company that cannot even produce financial statements on time, as required by law, need to have their brains examined too.
It’s not only about CFI management. As I seeit, investors / shareholders who keep hanging to stock of a company that cannot even produce financial statements on time, as required by law, need to have their brains examined too.
Therein lies the centre of CFI’s problems Steve Kuipa.All he needs to do is resign and pave way for fresh ideas. You can’t be CEO of a Group that has never posted a profit for more than a decade, shareholders should get rid of these guy as a matter of urgency.