The Zimbabwe Stock Exchange (ZSE) has suspended the trading activities of Cassava Smartech Zimbabwe Limited from the bourse after the country’s Securities and Exchange Commission stated that it failed to publish financial statements for the year ending Feb. 28.
In a recent statement to the public, ZSE CEO Justin Bgoni notified the investing public that the company’s traded stocks on the local bourse will be halted as of Oct. 1.
“The halt in trading of the issuer’s securities has been effected pending the outcome of an application for the suspension of trading in the issuer’s securities which was filed for consideration by the Securities and Exchange Commission of Zimbabwe,” Bgoni said. “Cassava Smartech Zimbabwe Limited failed to publish audited financial statements for the financial year ended Feb. 28, 2021, and remains in default.”
The ZSE has clearly stated that the suspension can only be lifted when the company publishes its audited financial statements.
In compliance, the company has also notified the public of the suspension of its trading on the local bourse, explaining that the delay in publication is due to technical and accounting issues that have taken time to resolve.
However, “the matters have since been concluded and the company expects to publish its financial statements by Oct. 18, 2021,” the company said.
The company trades on the ZSE as EcoCash Holdings Zimbabwe.
Cassava Smartech Zimbabwe
Cassava Smartech Zimbabwe is a diversified smartech group that uses digital solutions to drive socioeconomic development to improve Africans’ quality of life.
It leverages digital and financial technologies to build shared economies, drive financial inclusion and promote economic empowerment.
Linked to Zimbabwean billionaire Strive Masiyiwa, the company has a balanced portfolio of digital solutions, including fintech, insurtech, social payments, on-demand services, e-commerce, agritech, healthtech and edutech.
The company was listed on the local bourse in 2018 and has 2,590,577,241 issued shares. As of the time of this writing, Oct. 4, its market capitalization was pegged at Z$81.49 billion ($225.17 million).