Pelhams suspended from trading after placement on provisional liquidation

Tawanda-Nyambirai

Pelhams board chairman Tawanda Nyambirai

PELHAMS Limited has applied for voluntary suspension in the trading of its shares with immediate effect having failed to meet its debt obligations.

According to a statement from the Zimbabwe Stock Exchange (ZSE) the company notified the bourse on 24 November 2015.

“Pelhams Limited wishes to advise all Shareholders that the Company has applied for voluntary suspension in the trading of its shares with immediate effect in accordance with Section 1.7(a) of the
Listing Rules,” read the statement.

ZSE said following an application by TN Harlequin Luxaire limited and another creditor, the company was placed under provisional liquidation with effect from 18 November 2015.

“The Company had failed to pay its debts to TN Harlequin Luxaire Limited and other creditors due to the fall in consumer demand and failure by the company’s debtors, who are predominantly civil servants, to pay their debts.

It said the application by TN Harlequin Luxaire Limited to place the company under liquidation followed the refusal by the other shareholders to support TN Harlequin Luxaire Limited’s request to recapitalize the company,” it said.

Christopher Maswi of Fairvalue Chartered Accountants has since been appointed as the Provisional Liquidator. “The Company remains open until the final determination by the High Court on the 6th of April 2016. All creditors will be contacted by the liquidator in due course,” read the statement. FinX

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