[2008-07-11]  Group seeks ZSE re-listing
Trust Holdings Limited (THL) said on Wednesday it was taking steps to be re-admitted on the Zimbabwe Stock Exchange after the group’s suspension four years ago.

THL chairman Mr Josephat Sachikonye said the group had since met most of the pre-listing requirements of the ZSE and had already adopted a pre-listing statement.

"The only outstanding item is the 2007 audited financial report that will be submitted to the ZSE once members of the company have approved it at its annual general meeting.

"The commitment of both management and the board has remained solid in ensuring that the shares of the company are freely tradable on the ZSE sooner rather than later," he said.

Mr Sachikonye said the group had not thrown in the towel on the case in which its subsidiary Trust Banking Corporation was fighting for restoration of its assets which were sold to the Zimbabwe Allied Banking Group.

Trust Bank as well as Royal Bank, which were put under curatorship at the height of a financial services sector turmoil in 2004 were amalgamated into the ZABG.

Trust Bank is contesting the forced inclusion of its assets into the ZABG in court.

The bank has applied to the Administrative Court for a hearing of its appeal in which it is arguing against the dismissal of its appeal by the central bank.

Meanwhile, the group posted a net profit of $28,9 trillion for the year ended December 31, 2007, up from $77,1 billion the previous year.

Operating income stood at $383 billion with profits from associates of $28,9 trillion having boosted earnings.

Basic earning per share went up to $83 744 from $166 the previous year.

The group did not declare a dividend, citing the need to grow and consolidate value in its business units. Total assets at the end of the year amounted to $71,7 trillion, up from $109 billion in 2006.
Source: (C) 2008 THE HERALD