One of Econet’s subsidiaries, Cassava Smartech has been suspended from the Zimbabwe Stock Exchange.
Cassava Smartech’s mandate is to use digital technologies to facilitate the improvement of the overall quality of life for Africans. It houses the mobile money business Ecocash, micro-insurance Ecosure and eCommerce.
This large entity failed to produce audited financial statements of the year to February 28 2021. Due to this fact, the ZSE had to suspend them. This is in accordance with one of the listing terms which states that a listed company has to produce annual audited financial statements. They are even given a grace period of 7 months from the end of their financial year to produce this reports. However, Cassava still failed to produce them in that period.
View the official ZSE statement below:
This suspension can only be lifted when Cassava Smartech finally releases its audited financial statements.