Oliver Kazunga, Senior Business Journalist
CASSAVA Smartech Zimbabwe Limited (CSZL), states that the suspension of trading of its shares has been approved and the technical accounting issues which delayed the release of the audited financial statements have been resolved.
Last Friday, the Zimbabwe Stock Exchange (ZSE) announced an immediate halt to trading in CSZL shares pending the outcome of a request to suspend trading in the issuer’s securities, which had been filed for review by the Securities Exchange Commission.
In a public notice yesterday, the fintech company said, âThe company wishes to inform its shareholders and the investing public that following the cessation of trading in the shares of the company and the request to suspend ZSE At the Securities Exchange Commission (SEC), The SEC approved ZSE’s application.
CSZL has not published audited financial statements for the year ended February 28, 2021.
The results are now expected on October 18, 2021.
Under Article 40 (1) (d) of the Listing Requirements, Statutory Instrument 134 of 2019, the ZSE is obliged to suspend an issuer that does not publish audited financial statements for a period of seven months after the termination. of an exercise. .
The delay in releasing audited financial results for the reporting period, CSZL said, was due to some technical accounting issues that required additional time to be resolved.
âThese technical accounting issues have now been satisfactorily resolved and the company expects to release its audited results by October 18, 2021,â the leading fintech firm said.
CSZL reassured its shareholders and the investing public that the delay in the publication of its accounts was purely due to technical accounting issues and was not due to fraud or other financial fault.
“The company continues to operate normally in accordance with the business update released on September 6, 2021. The company regrets any inconvenience caused to its shareholders and the investing public,” he said. – @okazunga.