Sugar producing company, Hippo Valley Estates Limited (Hippo) will today commence trading its shares on the local bourse, following a six month hiatus from the Zimbabwe Stock Exchange (ZSE) pending investigations of its parent company, Tongaat Hulett Limited (THL), 263Chat Business can report.
Hippo was suspended from trading on the ZSE on August 21, 2019 and has however completed investigations and also published FY2019 and HY 2020 results as per required.
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the lifting of suspension in the trading of Hippo shares with effect from 17 February 2020,”
“The ZSE has now received confirmation from HIPPO of the conclusion of the THL investigations and have applied for the lifting of the voluntary suspension from trading. The application is premised on the following:
- The THL Investigations are now complete as reported in the financial results;
- The Full Year 2019 audited results were published on 20 December 2019, and
- The Half Year 2020 results have been published today, 14 February 2020.
The ZSE Listings Committee satisfied itself that all the compliance issues which led to the suspension had been fully met and resolved to lift the suspension with effect from 17 February 2020,” ZSE chief executive officer, Justin Bgoni said in a statement.
In its 2020 Half Year performance update which ended September 30, 2019 published on Friday, Hippo recorded a 76 percent revenue growth to ZWL$ 748 million compare to the previous half and a 755 percent profit jump to ZWL$ 188 million from ZWL$ 22 million in 2018.
Timely price adjustments in the local market in line with inflation and higher net realizations from exports prompted good financial fortunes for the company.