- Masimba has deferred the publication of its FY2023 financial results due to the transition from reporting in Zimbabwe dollars to US dollars
- The company cited the need for additional verification procedures following the change in functional currency as the reason for the delay
- It has been granted an extension and will now publish its financial results on or before April 5th, 2024
Harare- Masimba Holdings Limited, a construction firm, has decided to postpone the publication of its financial results for the fiscal year 2023. The delay is attributed to the company's transition from reporting in Zimbabwe dollars (ZWL) to US dollars (USD).
Additional verification procedures are required to ensure accuracy in light of this currency change.
As of April 3rd, the company had a market capitalization of ZWL 906.2 billion. Masimba Holdings Limited was established in 1974 and was listed on the Zimbabwe Stock Exchange in January of the same year. Its fiscal year ends in December, and the results were originally scheduled to be released by the end of March.
The company made this announcement through a circular posted on the Zimbabwe Stock Exchange website. According to the circular, Masimba Holdings Limited has been granted an extension, and the financial results will be published no later than April 5th, 2024.
Under section 39 (1) of the Securities and Exchange Act, ZSE-listed companies are required to publish audited financial statements within three months after the end of their respective financial year.
Failure to comply may result in fines or suspension.
Masimba Holdings Limited specializes in providing engineering and infrastructure solutions to various sectors including agriculture, commercial and corporate, housing, mining, public, and water sectors.
The company operates through three divisions: Masimba Construction Zimbabwe, Proplastics, and Property Development.
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