Hwange Colliery Put Under Administration, Suspended by ZSE

4 years ago
Tue, 06 Nov 2018 06:48:47 GMT
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Hwange Colliery  Put Under Administration, Suspended by ZSE

Hwange Colliery Company Limited (HCCL) has been suspended from trading at the Zimbabwe Stock Exchange (ZSE), with effect from the 2nd of November. This comes after HCCL has been placed under administration by the government. The company owes the government $150 million, and according to its 2018 half-year financial results, it posted a loss of $23 million.

The Reconstruction Act stipulates that every disposition of the property, including rights of action, of the company and every transfer of shares or alteration in the status of its members, made after the commencement of the reconstruction, shall, unless the administrator otherwise orders, be void. ZSE acting chief executive officer Martin Matanda said

The Zimbabwe Stock Exchange hereby notifies the investing public of the suspension from trading in shares of Hwange Colliery Company Limited with effect from 2 November 2018, following its placement under administration in terms of the Reconstruction of State-indebted Insolvent Companies Act.

More: Herald

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