The Zimbabwe Stock Exchange (ZSE) has lifted the 18-day long trading suspension on tech-giant Cassava Smartech’ shares after the company complied with statutory requirements.
Cassava was suspended on 1 October for failing to meet the deadline for publishing its financial statements for the year ended February 2021.
The company subsequently released its financial statements yesterday, prompting the lifting of the suspension.
“Further to the public notice issued on 04 October 2021, the Zimbabwe Stock Exchange Limited (ZSE) hereby notifies the investing public that suspension of trading in the shares of Cassava Smartech Zimbabwe Limited (Cassava) on the Zimbabwe Stock Exchange (“ZSE”) will be lifted with effect from 19 October 2021,” said ZSE chief executive, Justin Bgoni.
“Trading in Cassava securities was suspended after the issuer failed to publish its audited financial statements for the year ended 28 February 2021. Cassava managed to publish its audited financial statements on 18 October 2021.”
The Securities and Exchange Commission of Zimbabwe approved ZSE’s application for the lifting of suspension in the trading of Cassava’s shares.
Cassava posted a $ 1.042 billion loss for the year weighed down by foreign exchange losses of $ 4.6 billion as the local currency lost ground against the greenback.
Revenue declined 26 percent to $ 14 billion from $ 19 billion previous year owing to the impact of the COVID-19 pandemic which affected economic activity.
High operating costs weigh down the business profitability during the year.