THE Zimbabwe Stock Exchange (ZSE) has announced the voluntary termination of the listing of GetBucks Microfinance Bank Limited (“GetBucks”) with effect from 18 September 2023.
In a statement, ZSE chief executive officer (CEO), Mr Justin Bgoni said the GetBucks securities can no longer be traded on the ZSE.
“The ZSE hereby notifies the investing public of the voluntary termination of listing of GetBucks Microfinance Bank Limited (GetBucks) with effect from 18 September 2023. Following the approval by minority shareholders at an Annual General Meeting held on 31 August 2023, through a special resolution, GetBucks applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited pursuant to section 11 of the ZSE Listing Requirements,” he said.
“As required by Section 64 (1) (a) (i) of the Securities and Exchange Act [Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (SECZ) to delist GetBucks from the ZSE’s official list.”
He said in terms of Section 15 (d) of the ZSE Listing Requirements, holders of GetBucks Microfinance Bank Limited’s securities were advised that the securities can no longer be traded on the ZSE with effect from 18 September 2023.
Earlier this month, shareholders of GetBucks Microfinance Bank Limited gave their approval for the financial institution to voluntarily delist from the ZSE.
This comes as the bank cited the continued listing as an unsustainable burden. GetBucks initially indicated plans to migrate from the ZSE to the US dollar-denominated Victoria Falls Stock Exchange (VFEX), but later resolved to just exit the ZSE and remain unlisted.
Explaining the reasons behind the delisting, company secretary Muchineripi Chigwendere said in a recent circular that the board of directors convened a meeting on December 9, 2022, where they seriously considered the termination of Getbucks ZSE listing.
The board’s collective assessment was that, given the current economic environment in Zimbabwe, the benefits of maintaining a listing on the stock exchange were diminishing while the associated costs remained significant.