The Botswana Stock Exchange (BSE) this afternoon lifted the eight-day suspension from trade it had imposed on BBS Limited’s shares and bonds.
In a notice, the Exchange said the lifting was in line with a statement to investors issued by the board earlier today in which it provided official clarity on the recent developments at the building society.
The BSE had said BBS suspension would stand until clarification was secured from the building society.
The board, in its statement, said it had dismissed managing director, Pius Molefe and company secretary, Sipho Showa.
The board said the resolutions to dismiss the pair were “passed in accordance with the BBS constitution and were valid, binding and enforceable”. The board also said it had approached and secured an interim order from the High Court barring Molefe and Showa from representing the BBS in the meantime.
“Owing to Messrs. Molefe and Showa’s refusals to abide by the company’s decisions
Molefe has since challenged the interim order and judgement is due at the Lobatse High Court on Monday.
The MD and his board fell out over an alleged attempt by directors to prolong their stay at the board beyond the April 30 AGM, when their terms expire.