Zimbabwe News and Internet Radio

ZSE lifts Falgold suspension

The Zimbabwe Stock Exchange (ZSE) yesterday lifted the seven-month suspension in trading of Falcon Gold Zimbabwe (Falgold) shares after the mining firm finally complied with listing requirements.

The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993

Falgold had in February this year applied for a voluntary restriction in trading of its shares after the firm failed to publish its audited financial statements for the year ended September 30 on time.

ZSE chief executive Justin Bgoni said the firm had since paid its dues, and re-applied for lifting of the temporary embargo.

“The Zimbabwe Stock Exchange hereby notifies the investing public of the lifting of suspension in the trading of Falcon Gold Zimbabwe shares with effect from September 23, 2019,” he said.

In the seven-month suspension period, the mining firm had published its annual results for the year ended 30 September on August 14, held its annual general meeting and published its half-year results for the period ending March 2019 on September 13 this year.

“The ZSE Listings Committee satisfied itself that all the compliance issues which led to the voluntary suspension request had been fully met and resolved to lift the suspension with effect from 23 September, 2019,” Bgoni said.

In the half-year, Falgold slumped to a $27,2 million loss, up from a $1,7 million loss in the comparable period last year on the back of massive exchange losses. Gold production during the period was down 3,7 percent compared to same period in 2018. — New Ziana