TSL postpones publication of financial results, cites currency changes

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    Harare – ZSE listed agro industrial group, TSL has delayed the publication of its financial results for the year ended October 31, 2018 to a later date to be announced citing currency changes presented in the 2019 Monetary Policy Statement.

    The MPS denominated all Bond Notes and Coins, mobile money and RTGS balances to RTGS dollars, the country’s currency crisis remains unresolved, which means that people and entities will have to return all the different balances they hold back to the bank to be redeemed in RTGS dollars.

    Through the ZSE, TSL said the audit of the financial statements for FY 18 is still in progress pending the issuance of guidance from the Public Accountants and Auditors Board (“PAAB”) on the functional and presentation currency for reporting entities.

    “The guidance will take into account the pronouncements made on 20 February 2019 in the 2019 Monetary Policy Statement (“MPS”) and the subsequent codification of the pronouncements under Statutory Instrument 33 of 2019 and the Reserve Bank of Zimbabwe (“RBZ”) Exchange Control Directive to Authorised Dealers RU 28/2019.

    “Given the above, the Company has since obtained the necessary regulatory approval to extend the date by which the Group’s audited financial results should be published to 31 March 2019. Consequently, the Company’s Annual General Meeting (“AGM”) which was scheduled for 27 March 2019 has been postponed to a later date which will be advised in due course,” it said.

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