BizDay Zimbabwe
BizDay Zimbabwe

Zimbabwe's leading authority on business, finance and investment news.

BizDay
Author

0

Share


avrt
BizDay Zimbabwe

Chemco shareholders approve delisting from ZSE

BizDayBizDay
CHEMCO Holdings shareholders today approved the delisting of the company from the Zimbabwe Stock Exchange (ZSE).  Chemco was suspended from the ZSE in 2012. Shareholders voted for the issuing about 15,8 million Chemco shares to TSL by way of private placement in exchange for assuming debt and third party trade payables of up to US$2,64 million. TSL- Chemco’s majority shareholder is of the view that corrective actions for the company, which has been posting losses over the last three years are best implemented outside of regulations and social pressures of the capital markets. The company recorded a comprehensive loss of US$380 479 for the year ended October 2013 compared to a US$1,1 million loss same period last year. The company said it recorded a 27 percent increase in revenue to US$4,4 million from US$3,5 million during the same period last year. All resolutions including the conversion of US$2,64 million worth of debt and trade payables into equity and the issue of shares to TSL by way of private placement were unanimously approved.  Under the plan, TSL will exchange one TSL share for every 1,88 Chemco shares held. The offer will open today, March 17 and close on Monday April 7.
BizDay
Author

BizDay

0

Comments