The Zimbabwe Stock Exchange, Securities Commission of Zimbabwe and Insurance and Pensions Commission have warned Afre Corporation from proceeding with an AGM and EGM scheduled for Friday.

 

“The regulators reserve the right to take appropriate action if the proposed AGM and EGM are proceeded with,” a notice said.

 

The regulators said the postponement of the two meetings would allow it to complete its investigations into the company’s operations and investigate issues of corporate governance regarding the company chairman.

“The regulators belief that the findings of the investigations will have material implications on corporate governance, the suitability and probity of some board members and senior management among other issues,” the statement read.

However Afre is said to have remained defiant and vowed to proceed with the scheduled meeting which is sset to approve a $15 million rights issue.