Connect with us

BUSINESS

PG Industries delists from ZSE

Published

on

PG Industries Zimbabwe

PG Industries Zimbabwe has finally delisted from the Zimbabwe Stock Exchange (ZSE) six years after the suspension of trading in its shares, as it no longer meets conditions for listing as per the local bourse’s requirements.

According to the ZSE, PG Industries applied for voluntary delisting from the bourse that was granted effective April 8, 2019. Its shares were suspended from trading on ZSE in 2014.

After the approval of the Secondary Scheme of Arrangement by shareholders and creditors of PGIZ on September 15, 2016, and fulfilment of all conditions precedent in December 2018, PGIZ applied for voluntary termination of its listing on ZSE.

“ZSE noted that PGIZ no longer met the minimum number of public shareholders for a listed company defined in paragraph 4.25(e) in Section 4 of the ZSE’s Listings Requirements.

“As required by Section 64 of the Securities and Exchange Act, the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist PGIZ from the ZSE’s official list.

“In terms of Section 1.18 of the ZSE Listing Requirements, holders of PG Industries (Zimbabwe) Limited’s securities are hereby advised that the securities can no longer be traded on the ZSE with effect from April 8, 2019,” said ZSE.

PG Industries Zimbabwe was bought by an Indian firm, Dewei Investments, which also made a commitment to provide fresh working capital and funds required for retooling the company.

Working capital constraints have been one of PG Industries major challenges resulting in the firm resorting to short term borrowings that were unsustainable, which pushed the company into perennial losses.

In October last year, Dewei committed to paying PG’s creditors as approved at the scheme of arrangement meeting held on September 2016. Payments would be made based on amounts owing as at December 2015.

Meanwhile, the ZSE also delisted Willdale’s preference shares following approvals from the regulator Securities and Exchanges Commission of Zimbabwe (SECZ).

“Following the redemption of 99,74 per cent of the ZSE listed 10 per cent semi-annual redeemable preference shares, Willdale Limited requested for the termination of the listing of the Preference shares.

“In terms of Section 1.18 (d) of the ZSE Listing Requirements, holders of Willdale Limited’s Preference shares are hereby advised that the securities can no longer be traded on the ZSE with effect from April 8, 2019,” said ZSE. The Herald

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

INTERNATIONAL

African Union’s Inclusion in G20: A Significant Acknowledgment of a Continent with 1 Billion Inhabitants

Published

on

african-union-g20

The world’s most powerful economies, the G20, have welcomed the African Union (AU) as a permanent member, recognising Africa’s more than 50 countries as important players on the global stage. US President Joe Biden and Indian Prime Minister Narendra Modi both expressed support for the AU’s permanent membership.

The AU has advocated for full membership for seven years and, until now, South Africa was the only African country in the G20. The AU represents a continent with a young population of 1.3 billion, which is set to double by 2050 and make up a quarter of the world’s population.

Africa’s 55 member states have long pushed for meaningful roles in global bodies, including the United Nations Security Council, and want reforms to the global financial system. The continent is increasingly attracting investment and political interest from global powers like China, Russia, Gulf nations, Turkey, Israel, and Iran. African leaders are challenging the framing of the continent as passive victim and want to be brokers instead.

They seek fairer treatment by financial institutions, delivery of rich countries’ long-promised $100 billion a year in climate financing for developing nations, and a global tax on fossil fuels. The AU’s full G20 membership will enable it to represent a continent that’s home to the world’s largest free trade area and abundant resources needed to combat climate change. The African continent has 60% of the world’s renewable energy assets and over 30% of the minerals key to renewable and low-carbon technologies.

African leaders want more industrial development closer to home to benefit their economies. Finding a common position among the AU’s member states, from economic powers to some of the world’s poorest nations, can be challenging, but Africa will need to speak with one voice to influence G20 decision-making. African leaders have shown their willingness to take collective action, as seen during the COVID-19 pandemic. As a high-profile G20 member, Africa’s demands will be harder to ignore.

Continue Reading

BUSINESS

Forging Strong Bonds: Iran and Zimbabwe Deepen Economic Ties in Raisi’s Africa Tour

Published

on

Zimbabwe and Iran

On Thursday, Zimbabwe and Iran signed 12 memorandums of understanding to strengthen their bilateral ties during Iranian President Ebrahim Raisi’s visit to Africa. Raisi had previously visited Kenya and Uganda before meeting with Zimbabwean President Emmerson Mnangagwa in Harare. Among the 12 MOUs is a plan to establish a tractor manufacturing plant in Zimbabwe with the help of an Iranian company and a local partner. The two countries also signed agreements for cooperation in energy, agriculture, pharmaceuticals, and telecommunications, as well as research, science, and technology projects.

Mnangagwa expressed his appreciation for investments in several sectors of Zimbabwe’s economy to reporters after the signing ceremony. However, he did not disclose the amount of investment Zimbabwe is expecting from Iran. Raisi mentioned the economic challenges facing Iran and Zimbabwe due to U.S. sanctions but emphasised his country’s efforts to build closer economic ties.

According to Iran’s foreign ministry, trade with Africa is expected to exceed $2 billion this year, but there was no comparison to the previous year’s figures. This African visit is the first by an Iranian leader since 2013, following a visit to three Latin American countries in June, all of which are also affected by U.S. sanctions.

Continue Reading

BUSINESS

Breaking News: E-Creator Fraud Ring Leader Apprehended by Police

Published

on

Zhao Jiaotong

The Zimbabwe Republic Police is requesting that individuals who have been deceived by E-Creator, Zhao Jiaotong come forward and report to the nearest police station.

According to police spokesperson Assistant Commissioner Paul Nyathi, the kingpin of the E-Creator Ponzi scheme has been arrested on charges of fraud. The suspect is identified as Chinese national Zhao Jiaotong, who is said to be the founder of the notorious platform that has scammed people out of thousands of dollars.

Nyathi stated, “The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong, 39, in connection with a case of fraud in which unsuspecting members of the public were duped through the E-Creator Ponzi scheme.”

The police are urging anyone who may have fallen victim to E-Creator to report to their nearest police station. Additionally, the public is encouraged to exercise caution and perform thorough research before investing in any Ponzi or pyramid schemes that promise quick returns.

Continue Reading

Trending