By Alois Vinga
THE Zimbabwe Stock Exchange (ZSE) has delisted PG Industries Zimbabwe Limited (PGIZ) and Willdale Limited preference shares.
According to a statement, the decision was on the basis that the PGIZ requested for shares termination while Willodale opted for voluntary delisting upon realising that it no longer had the required public shares for listed companies.
In the statement, the ZSE notified members of the investing public of the delisting of the two entities effective this week.
“We hereby notify the investing public of the voluntary termination of listing of PG Industries (Zimbabwe) Limited (PGIZ) and Willdale Limited preference shares with effect from 8 April 2019,” reads the statement in part.
The local bourse explained that PGIZ shareholders and creditors had approved a Secondary Scheme of Arrangement by shareholders and creditors in 2016 and fulfilled conditions of precedent. The entity applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited in terms of ZSE regulations.
ZSE noted that PGIZ no longer met the minimum number of public shareholders for a listed company defined in paragraph 4.25(e) in Section 4 of the ZSE’s listings requirements.
PGIZ also met regulatory requirements as outlined in the Securities and Exchange Act and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist PGIZ from the ZSE’s official list with effect from April 8 2019.
Meanwhile, Willdale Limited’s preference shares have also been delisted following the entity’s request for termination of preference shares.
Having met the regulatory requirements as determined by ZSE and Securities Exchange Commission, Willdale Limited’s preference shares will no longer trade on the ZSE with effect from 8 April 2019.
As a result, PGIZ status on the ZSE has changed from suspended to delisted.
PG Industries (Zimbabwe) Limited manufactures and sells a range of products through three subsidiaries; PG Merchandising, Zimtile and PG Glass. Its merchandising division has expanded over the years to include timber boards, hardware, plumbing, and wood and glass value-added products.