- Victoria Falls Stock Exchange's 3 listed companies face delays in announcing year-end 2023 results due to currency-related challenges
- African Sun, the country's largest hotel group, cites ongoing audit processes, pushing the results' release date to before April 30, 2024
- First Capital Bank and Zimpolw Holdings encounter additional hurdles incorporating technical considerations related to foreign exchange rates, leading to the postponement of their financial results' publication
Harare- The three listed companies on the Victoria Falls Stock Exchange (VFEX) will delay the publication of their results for the year ended 2023 due to currency-related issues. The delay is attributed to ongoing audit processes and the need to incorporate technical considerations regarding foreign exchange rates.
African Sun, the country's largest hotel group, stated that their results are expected to be released before April 30, 2024, as they finalize their audit procedures.
First Capital Bank, a highly esteemed bank that declined to sign a long-term contract with African Sun over Kingdom Hotel, cited the additional time required to address technical considerations related to the application of IAS 21: Effects of Changes in Foreign Exchange Rates.
Zimpolw Holdings, an agro-concern, explained that the delay in their results is due to a change in the group's functional currency from the Zimbabwe Dollar to the United States Dollar, effective July 1, 2023. This change necessitated the conversion of financial transactions and balances from Zimbabwe Dollar to US Dollar.
The companies have sought an extension from the VFEX regarding the publication deadline.
According to listing rules, companies must release their results no later than three months after the respective year-end.
Failure to comply with this requirement may result in penalties, suspension, or fines.
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