Trans Hex, which has diamond operations in South Africa and Angola, is expected to finalise its delisting from the Johannesburg Stock Exchange (JSE) early next month. Suspension of the listing of the company’s shares on the JSE is expected on 27 November, it said in a statement.
Trans Hex first announced its plans to delist on the JSE last July saying it would allow it to save on the costs of operating in a regulated environment.
It also felt that the JSE listing was of little benefit to the company at this stage of its operating cycle.
The company’s Angolan business had been growing financially, but the South African business experienced considerable challenges due to declining small diamond prices, lower than expected diamond grades and increasing costs relating to security.
Trans Hex recently liquidated its unprofitable West Coast Resources.
It previously failed to sell the business or to get a third party to run it.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
