JSE suspends Hwange Colliery
The Zimbabwean miner was placed under administration, without notifying the Zimbabwean Stock Exchange where it has its primary listing
The JSE on Monday morning suspended Hwange Colliery, a week after the Zimbabwean miner was placed under administration.
Business Day reported last week that the Johannesburg and London stock exchanges were likely to halt trading in Hwange shares once the Zimbabwean stock exchange, where the coal miner has its primary listing, made the announcement.
On October 29, the Zimbabwean government — which owns 36% of Hwange — published a government gazette notice saying the mine had been placed under administration.
Zimbabwe Stock Exchange acting CE Martin Matanda told the Zimbabwe Independent on Friday he was surprised the bourse had not been informed about the mine’s management changes and the decision to place the mine under administration.
“For a company that is listed on the stock exchange, there are some things that the company or its shareholders cannot just do without informing us,” Matanda told the newspaper.
Hwange’s interim results, published in September, warned “the company is experiencing matters that may cast significant doubt on its ability to continue as a going concern”.
At the 51c Hwange last traded at on the JSE, it had a market capitalisation of R52m.