ZSE lifts Meikles suspension before court ruling
HARARE – The Zimbabwe Stock Exchange has lifted the suspension on Meikles shares before the ruling on the urgent chamber application. The matter in which Meikles was challenging its suspension was supposed to be heard at 10am.
On February 16 the ZSE announced Meikles suspension after noting discrepancies in RBZ’s and Meikles debt balances as held by the central bank.
Pursuant to Section 23 of the Securities and Exchange Act [Cap24:25], suspension of trading in the Company’s shares was granted said the ZSE in a statement.
The suspension was lifted after the ZSE Listings Committee met in the morning and resolved that Meikles should be allowed to trade after acknowledging the ZSE chief executive did not follow proper procedure.
Meikles says it was not notified as is required by the Listings Rules while the formal letter suspending them only came after 7pm last Monday.
Meikles has put up a notice of withdrawal on the urgent chamber application.
However if proper procedure is followed Meikles could be formally suspended over various corporate governance deficiencies.