ZSE suspends Philip Chiyangwa's company from trading its shares

The Zimbabwe Stock Exchange (ZSE) has suspended Philip Chiyangwa‘s company ZECO Holdings from trading its shares for three months to allow the company to comply with listing obligations.

ZSE chief executive officer, Alban Chirume said the company should comply with convening shareholders’ meetings for the years 2014 and 2015, distribute outstanding annual reports for the financial years to shareholders and payment of outstanding listing fees. The company has not held an annual general meeting in almost three years.

The struggling engineering firm, owned by businessman Philip Chiyangwa, was delisted on the ZSE in 1998 after facing financial challenges and it bounced back on the market in 2007 after merging with Critall Hope.