Cablegate: Media Report Zimpapers Back On the Bourse; Harare

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS HARARE 001596

SIPDIS

DEPT FOR AF/PD, AF/S, AF/RA
NSC FOR JENDAYI FRAZER
LONDON FOR GURNEY
PARIS FOR NEARY
NAIROBI FOR PFLAUMER

E.O. 12958: N/A
TAGS: PREL PHUM KPAO ZI
SUBJECT: MEDIA REPORT ZIMPAPERS BACK ON THE BOURSE; HARARE

The state-controlled Zimbabwe Newspapers Group (Zimpapers)
is back on the Zimbabwe Stock Exchange (ZSE), three days
after being suspended for flouting the bourse's regulations
and Companies Act requirements. The former blue-chip
company was suspended on Monday, July 1 after it failed to
produce and circulate its audited results to shareholders
as stipulated by the stock exchange. However, the
suspension was lifted on July 4 after the group managed to
release and circulate its belated audited accounts, that
posted a staggering Z$106 million loss, to shareholders and
the announcement of its annual general meeting, now
scheduled for July 25. Zimpapers shares have been trading
below 100 cents and last year it was among the strong
contenders for the wooden-spoon award on the ZSE. Analysts
say "the poor results mirror the negative light" in which
its six titles are seen by the public.

SULLIVAN

© Scoop Media