Merger talks between Zimbabwe’s largest dairy processors Dairibord, Dendairy collapse

ZIMBABWE – A multi-million-dollar historic merger between Zimbabwe’s largest and second largest milk processor by market share, Dairibord Holdings Limited and Dendairy, has been kicked to the curb. The planned transaction, according to NewsDay was first announced in July 2020 with DHL seeking to leverage on Dendairy’s strategic investments into production of dairy products and its access to the regional market. According to reports, in 2018, Dendairy started a project to expand operations at its Kwekwe plant, which would have seen the firm adding three new packaging lines to increase…

Read More

Seed Co International, Seed Co Limited merger denied, SCL bounces back to ZSE

ZIMBABWE – SeedCo International Limited (SCIL), has abandoned plans of acquiring its Zimbabwean subsidiary, Seed-Co Limited (SCL), after failing to get all the regulatory approvals. According to the reginal seed producer, shareholders of both SCIL and SCL had approved the transaction earlier in March, but the External Loans and Exchange Control Review Committee turned down the proposal that same month. “Approval for the transaction was declined by the External Loans and Exchange Control Review Committee on 26 March 2021. An appeal against the decision was made on 7 April 2021…

Read More

Zimbabwe Tea producer Tanganda to relist on ZSE after 14-year hiatus

ZIMBABWE – Zimbabwean dominant conglomerate Meikles Limited, is seeking to unbundle its agro-business operation, Tanganda Tea Company Limited and separately re-list it on the Zimbabwe Stock Exchange (ZSE). The relisting of the country’s largest producer, packer and distributor of tea comes 14 years after it voluntarily delisted from the ZSE in 2007, following the merger of its parent company and Kingdom Bank to form Kindom Meikles. The merger only lasted for barely 3 years as both businesses went separate ways in 2010. The blue-chip company has indicated that Tanganda’s listing…

Read More

Launch of Zimbabwe’s commodity exchange draws nigh to first focus on non-strategic grains

ZIMBABWE – The much-anticipated Zimbabwe Mercantile Exchange (ZMX) will be launched on April 30, an extension by one month from the initially slated date of March 31. The extension according to The Herald, is aimed to give allowance for the requisite approvals and promulgation of statutes. The commodity exchange has been developed through a Public-Private Partnership between the government, Financial Securities Exchange Limited (FINSEC), TSL Limited and CBZ Holdings Limited. “This change will allow for the completion of final lawful approvals as well as enactment of statutes relevant to the…

Read More

Seed Co International Limited shareholders give nod to acquisition of Zimbabwean unit

ZIMBABWE – Regional seed producer, Seed Co International Limited (SCIL) has received the go ahead from its shareholders to acquire the entire shares of its Zimbabwean unit, Seed Co Limited (SCL). After passing of the transaction, SCIL advised the investing public and shareholders that the company was now proceeding to tender the open market offer to acquire SCL’s entire issued ordinary shares through an announcement or offer circular to be issued to SCL in accordance with the Zimbabwe Stock Exchange requirements. “Pending the successful conclusion of the steps outlined above…

Read More

Seed Co International projects triple digit growth in half year profit

ZIMBABWE – Seed Co International Limited (SCIL), a leading certified seed company in Africa expects to make a turn round of its earning in the interim period for the six months ended September 2020, attaining approximately 275% to 295% rise in profit. According to reports by The Herald, the firm projects its profit after tax to between US$4.5 million and US$4.8 million a recovery from the loss before tax of the prior period which amounted to US$1.6 million. The rise in profit is spearhead by the early maize seed sales,…

Read More

Seed Co International becomes first company to list on Zimbabwe’s new bourse

ZIMBABWE – Seed Co International (SCIL), a leading certified seed company operating in over 15 African countries has announced the migration of its secondary listing from the Zimbabwe Stock Exchange (ZSE) to the newly formed Victoria Falls Stock Exchange (VFEX). Becoming the first company to be listed on Zimbabwe’s new foreign currency denominated bourse, the fungibility of SCIL’s share remain suspended. The company revealed in a statement that it is waiting for further announcement regarding trading modalities between the VFEX and stock exchange outside Zimbabwe, including the Botswana Stock Exchange…

Read More

SeedCo International to merge with Zimbabwean unit ahead of Victoria Falls Stock Exchange listing

ZIMBABWE – Seed Co International (SCIL), a leading certified seed company operating in over 15 African countries is seeking to merger with its Zimbabwean operations, Seed Co Limited, as it plans to transfer its Zimbabwe Stock Exchange Secondary Listing to the soon to be established Victoria Falls Stock Exchange (VFEX). The two entities are currently listed separately on the ZSE while SeedCo International is also listed on the Botswana Stock Exchange. According to SCIL, the move to transfer it shares from ZSE to VFEX has been triggered by the Ministry…

Read More

Stock exchange suspends Tongaat Hullet’s Zimbabwe unit

ZIMBABWE – The Zimbabwe Stock Exchange (ZSE) has suspended Tongaat Hullet Zimbabwe’s subsidiary, Hippo Valley Estates Limited, from trading its shares on the local bourse. According to the stock exchange, the follows the sugar giant’s failure to release its full year financial results for the period ended March 31, 2019. Hippo Valley missed the June 30 deadline for the release of its full-year financials and also missed the extended deadline of July 31, which was related to accounting glitches at the South Africa based parent company. ZSE chief executive officer,…

Read More