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BizDay Zimbabwe

ZSE delists three companies

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Harare  – The Zimbabwe Stock Exchange (ZSE) has delisted Barbican Holdings Limited, TZI Limited and Red Star Holdings Limited.

A notice of termination of listings noted that both Barbican and TZI Limited were suspended in 2004 and no response had been received from the principals of both companies from their last known addresses.

This means that in terms of the ZSE listing rules, holders of both companies’ securities are advised that in view of the termination, the papers they hold are no longer tradable.

The Reserve Bank took over assets of Barbican Bank following liquidation of the bank which had been declared insolvent in 2004. This followed an RBZ clampdown after rampant financial sector indiscipline characterised by underhand dealings as well as a departure from core business spawned by an economic crisis.

Over 15 financial institutions closed during the clampdown.

TZI Limited, a farming, mining and financial concern, was also suspended in 2004 following a material adverse event in a Zambian subsidiary. TZI was involved in raising capital for some of Zambia’s largest agribusinesses. Since then, TZI Limited has failed to meet its continuing obligations.

Red Star Holdings Limited requested for a suspension rather than a delisting at the time of the conclusion of the scheme of arrangements within the group.

Since then, there has been no report of progress on the purpose of which the suspension was made.

Consequently, a decision to terminate has been made.

Red Star Holdings went into liquidation after its parent company, starafrica, failed to raise funds to clear debts and inject working capital.

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