THE Zimbabwe Stock Exchange (ZSE) has delisted troubled Interfin Bank Limited, which has been placed under curatorship by the Reserve Bank of Zimbabwe and has failed to issue its financials since December 31, 2011. ZSE chief executive officer Alban Chirume announced the delisting of the commercial institution yesterday.“Members of the public are hereby advised that Interfin Financial Services Limited (the issuer or Interfin) has been removed from the official list with effect from 24th September 2014,” he said.
“The issuer’s shares were suspended from trading on the ZSE with effect from the 12th June 2012 following the placement of Interfin Bank Limited under curatorship by the Reserve Bank of Zimbabwe. The suspension was to be reviewed upon clearance of all outstanding issues.”Chirume said ZSE sought and obtained permission of the Securities and Exchange Commission in terms of Section 23 of the Securities Amendment Act 2013, to remove Interfin Bank from the official list of its listings requirement “following the issuer’s failure to meet its continuing obligations in terms of the ZSE listing rules”.
“The issuer’s financial statements for the period starting 31st December 2011 to 31st December 2013 have not been published. Interfin has not issued an update to
advise shareholders concerning the current status of affairs, as well as future plans since the last shareholders’ meeting held in January 2014,” said Chirume and the ZSE annual sustenance fees for 2014, which were due on 24th July 2014, are still outstanding.”
Chirume said ZSE followed all due processes leading to the decision including steps to enable the observance of “the rules of natural justice as provided for in Section 111 of the Securities Act (Chapter 24:25)”.
“In terms of Section 1.18 of the ZSE Listings Rules, holders of Interfin Financial Services Limited’s securities are hereby advised that in view of the termination, the paper is no longer tradable on the ZSE,” he said.
Interfin Bank Limited is a wholly owned Zimbabwean commercial bank, which started trading in January 2000 as a merchant bank and began commercial banking operations in 2010.