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Business Reporter

THE Zimbabwe Stock Exchange (ZSE) has advised the investing public of the voluntary termination of listing of PG Industries (Zimbabwe) Limited and Willdale Limited preference shares with effect from yesterday.

ZSE chief executive officer Mr Justin Bgoni said the two companies cited different reasons requesting the termination of their listings on the local bourse.

“Following the approval of the Secondary Scheme of Arrangement by shareholders and creditors of PG Industries Zimbabwe (PGIZ) on September 15, 2016 and fulfilment of all conditions precedent in December 2018, PGIZ applied for voluntary termination of its listing on ZSE pursuant to paragraph 1.10E of the ZSE Listing Requirements,” said ZSE.

“ZSE noted that PGIZ no longer met the minimum number of public shareholders for a listed company defined in paragraph 4.25(e) in Section 4 of the ZSE’s Listing Requirements.”

As required by Section 64 (a) (i) of the Securities and Exchange Act (Cap 24.25), the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (SECZ) to delist PGIZ from the ZSE’s official list.

Mr Bgoni said in terms of Section 1.18 (d) of the ZSE Listing Requirements, holders of PGIZ Limited’s securities are hereby advised that the securities can no longer be traded on the ZSE with effect from April 8, 2019.

On Willdale Limited, he said: 

“Following the redemption of 99.74 percent of the ZSE listed 10 percent semi-annual redeemable preference shares, Willdale Limited requested for the termination of listing of the preference shares.

“Pursuant to Section 64 (a) (i) of the SECZ Act (Cap24.25), ZSE sought and was granted permission by the SECZ to delist Willdale Limited’s preference shares from the ZSE’s official list”.

In terms of Section 1.18 (d) of the ZSE Listing Requirements, Mr Bgoni also said holders of Willdale Limited’s preference shares were hereby advised that the securities can no longer be traded on the ZSE with effect from April 8, 2019.