via ZSE delists Interfresh – Southern Eye 7 January 2014
THE Zimbabwe Stock Exchange (ZSE) has delisted the horticultural concern Interfresh Ltd (Interfresh) from trading following the company’s voluntary application for termination of listing last year.
According to a statement by the ZSE to members of the public, the company’s delisting followed an extraordinary general meeting held by shareholders on December 11 last year and the consequent approval of an application for the termination of listing of the company from the bourse.
“Members of the public are hereby advised that Interfresh Ltd (the ‘Company’) has been removed from the official list with effect from 31 December 2013,” ZSE chief executive office Albert Chirume said in a statement.
He said in pursuant of Section 23 of the Securities Amendment Act 2013, ZSE sought and obtained the permission of the Securities And Exchange Commission of Zimbabwe on December 19 2013 to remove Interfresh Ltd from the official list based on Sections 1, 10A to
1, 10D of the Stock Exchange Listings Requirements.
“In terms of Section 1,18 of the ZSE Listings Rules, holders of Interfresh Ltd shares are hereby advised that in view of the termination, the paper is no longer tradable on ZSE,” he added.
Interfresh Ltd indicated its intention to delist from the local bourse last year in November and is intending to relist in the medium-term after restructuring.
The company said its stock was not reflecting true value on the local bourse and was consistently traded at a discount to net asset value hence the reason for the delisting.
Interfresh, after making plans to raise $6 million capital through convertible debt from private equity and structured finance markets, used valuation methods other than the stock market.
In July last year the company embarked on a $3 million rights issue with the funds earmarked to recapitalise operations and retire debt.