HARARE – Retail giant OK Zimbabwe shares dropped on Monday after it reported that its full-year results will be delayed.
Its share price depreciated by 7.75% to close at $120.14.
The results are now expected to be published later this month.
“The Board of Directors of OK Zimbabwe Limited hereby advises all its valued stakeholders that OK Zimbabwe Limited will delay the publication of its Audited Financial Results for the year ended 31 March 2023 which were due for publication on or before 30 June 2023,” Margaret Munyuru, group company secretary said in a notice to shareholders.
“This delay was necessitated by unanticipated challenges faced during the implementation of a new Enterprise Resource Planning system, which prolonged the finalisation of the Company’s Financial Statements and the Audit Review process. The Company and its External Auditors will use best endeavours to ensure the results are published by 21 September 2023.”
Activities on the floor of the Zimbabwe Stock Exchange (ZSE) started on a negative note on Monday after the market recorded a 0.19 percent decline at the close of transactions. This comes as the swearing-in of President Emmerson Mnangagwa did little to spur investor optimism.
The Top 10 Index lost 0.21% to close at 56,329.18 points, while the Medium Cap Index depreciated by 0.16% to end at 449,767.75 points.
The Small Cap Index was flat at 2,320,368.91 points.
A total of 6 stocks closed in the red while 5 stocks closed in the green.
Market capitalisation increased by $17.36 billion to $9.73 trillion.
1.72 million shares were traded, valued at $958.38 million, with a trade count of 186