HARARE- Hippo Valley Estates a subsidiary of JSE listed Tongaat Hulet has applied for voluntary suspension of share trading on the ZSE. The development comes after the company failed to publish its earnings for the full year to March 2019 on a third extension request.
The troubled sugar maker had requested for an extension in the results publication and granted 2 times and on 3rd attempt the ZSE refused further extension, just a week ago.
In a notice issued by the ZSE on Tuesday, the Exchange said “The ZSE advises members of the investing public that it has put a halt in the trading of Hippo Valley Estates Limited’s shares on the ZSE according to Clause 4.13.2 of the ZSE Trading Rules and Procedures”
“ZSE has now formally requested the Securities and Exchange Commission of Zimbabwe (SECZim) to consider the application for the suspension in terms of section 64 (a) (ii) of the Securities and Exchange Act, Chapter 24:25, as amended. The investing public will be advised of the determination by SECZim as soon as it becomes available” stressed the statement.
Hippo woes follows revelations at South Africa based parent that the group has been manipulating financial results for a couple of years which resulted in misinformation to investors. The company was later suspended on the JSE as investigations are ongoing.