Shareholders are advised that the Group shall delay the publication of its Q3 2019 interim financial results as required by the Zimbabwe Stock Exchange (“ZSE”). The Public Accountants and Auditors Board of Zimbabwe (“PAAB”) issued a pronouncement on 11 October 2019 that all Zimbabwean entities with reporting periods ending on or after 1 July 2019 are required to apply hyperinflationary accounting. In terms of the requirements of the International Accounting Standard 29 (“IAS 29”), “Financial Reporting in Hyperinflationary Economies”, all entities reporting in the same hyperinflationary operating environment are encouraged to apply similar indices to produce the inflation adjusted financial statements.
The PAAB is expected to issue further guidance by no later than the 15th of November 2019 on the application of IAS 29 to ensure that uniformity is achieved by all entities operating in the Zimbabwean environment. In terms of the ZSE Listing Requirements, the Group should be publishing its Q3 2019 Interim Management Results on or before the 15th of November 2019. The ZSE has granted the Group an extension to publish the results on or before the 15th of December 2019.
Shareholders are accordingly advised to exercise due caution in dealing with their shares in the Company before the publication of the 2019 third quarter results by the 15th of December 2019.
By Order of the Board
Shumirai I Pashapa
11 November 2019