9th Feb 2024 11:12
(Alliance News) - Cambria Africa PLC shares sank on Friday, after the company noted a delay to the publication of its full-year results.
Cambria is a holding company for firms operating in Zimbabwe, including the Millchem industrial solvent supplier and the Payserv financial services provider.
Shares in Cambria were down 27% at 0.20 pence each in London on Friday morning.
The company said that it will be unable to release its annual results for the year ended August 31 by the planned date of February 29. As a result, shares in the company will be suspended from AIM trading from March 1 until these are published.
Cambria also noted a delay in governmental approval regarding the sale of its 78% stake in AF Phillips Ltt. In October, the company concluded a conditional agreement for the sale of AFP for USD1.74 million in cash, contingent on a reorganisation of the company's subsidiaries being approved by the Zimbabwean revenue authority. While the process took longer than originally expected, the company said it has now addressed this.
Cambria said it had begun marketing for commercial properties in the country's capital. The combined properties were last valued at USD2.3 million in January 2022.
Outside of Zimbabwe, Cambria held around USD1.45 million in cash reserves, with around USD150,000 worth of US denominated accounts, gold coins, local currency and shares.
By Hugh Cameron, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.