HARARE – Embattled sugar producer Tongaat Hulett’s Zimbabwe subsidiary Hippo Valley Estates has been suspended from that country’s bourse after accounting glitches at the parent company resulted in a delay of the release of its financial results.
The Zimbabwe Securities Exchange (ZSE) said yesterday that it had suspended trade in the shares of Hippo Valley after turning down a further extension for release of its March 2019 financials.
Hippo Valley missed the June 30 deadline for the release of its full-year financials and also missed the extended deadline of July 31.
On August 1, Hippo Valley said it had missed the extended deadline again and stated that it would release the financials on or about August 14, but it has also missed this deadline.
It is against this backdrop that the ZSE says it has recommended to the Zimbabwe Securities Exchange Commission that trade in Hippo Valley Estates shares be suspended.