ZSE lifts suspension on CFI Holdings shares

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  • Trading in the securities of CFI will commence on Monday 11 October 2021
  • CFI was initially suspended from trading its shares on the bourse on 2 January 2018
  • ZSE is satisfied that CFI has regularised its corporate governance shortcomings
  • The issue of the free float remains unresolved – given five-year window to address the requirements

HARARE – The Zimbabwe Stock Exchange (ZSE) has lifted the suspension placed on the trading in shares of CFI Holdings after the leading agricultural-based industrial holding company ‘regularised its corporate governance shortcomings’ as required under the listing requirements.

CFI was initially suspended from trading its shares on the bourse on 2 January 2018 for a period of three months and as the time elapsed, the ZSE extended the group’s trading halt in separate windows up to this point.

The punitive measure also came following the Group’s failure to comply with free float requirements.

According to a statement released today by the ZSE chief executive officer, Justin Bgoni, trading in the securities of CFI will commence on Monday 11 October 2021.

“The ZSE is satisfied that CFI has regularised its corporate governance shortcomings as required under the listing requirements.

“Whilst the issue of the free float remains unresolved, the ZSE has given CFI a moratorium of five (5) years to address the free float requirements.

“The ZSE will be reviewing progress on regularisation of this requirement on an annual basis. During the subsistence of its suspension, CFI demonstrated commitment to its listing on the ZSE by ensuring timely compliance with its continuing listing obligations and reporting cycles,” Bgoni said.

In a statement accompanying the Group’s financial statements for the year ended 30 September 2020, Group chairperson Valerie Pasi expressed optimism that engagements with the ZSE will bear fruits in due course.

The Group reported an impressive sales volumes performance in the third quarter ended 30 June 2021 buoyed by an increase in aggregate demand following the good 2020/2021 rainy season.

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