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Business Reporter

BRITISH American Tobacco Zimbabwe (BATZ) Holdings, says it will not be publishing its third quarter interim financial statements as required by listing rules due to demanding International Accounting Standard (IAS) 29 process.

Zimbabwe companies are now required to apply the IAS 29 standard-financial reporting as required for companies that are operating in a high inflation environment. 

Companies report quarterly to ensure transparency and enhanced investor protection as proposed by international standards, there is an on-going debate on whether Zimbabwe companies should report more frequently due to costs involved.

Interim and annual reports are important publicly available information for investors and analysts to make investment decisions and recommendations. 

In a notice to shareholders, company secretary, Pauline Kadembo, said they will now publish a trading update by Friday this week.

“The board of directors of British American Tobacco Zimbabwe (Holdings) Limited notifies shareholders that due to the limited time and processes required in terms of the International Accounting Standard 29 – Financial Reporting in Hyper-inflationary Economies, BAT will not be publishing the Abridged Financial Statements, for the 2019 third quarter interim reporting, as anticipated,” Kadembo said.

“The company will instead be publishing a trading update for the third quarter. The board further advises that the trading update will be published on the company’s website and the Zimbabwe Stock Exchange data portal by 13 December 2019.”