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BizDay Zimbabwe

OK Zim issues 15m shares

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RETAIL giant OK Zimbabwe has issued a total of  15 143 314 ordinary shares valued at US$3,5 million to beneficiaries of its share option scheme. This will increase the number of OK ordinary shares in issue from 1 138 856 654 to 1 153 999 968 effective September 10, 2013.
The company’s share opened at US24,01c on Monday, 0,91 percent up on the previous price.
According to OK Zimbabwe, 14,7 million shares were granted under the 2008 scheme while another 19,640 million were granted in August 2010 and a further 17,180 million were granted on June 3, 2011 under the 2010 scheme.

Under the 2008 share option scheme the balance as at March 2012 stood at 14,7 million with 6,67 million of the shares exercised while 290 000 were forfeited and this left the balance of shares under the option at 7,766 million.

About 16,4 million more shares were issued in August 2012, taking the tally under the 2010 scheme to 53,220 million. However, a total of 4,284 million shares were forfeited, to leave the balance at 48,938 million. In its annual report for 2013, OK Zimbabwe said the total granted, but still to vest stood at 56,7 million prior to the 15,1 million the company has just announced.

The group generated revenue amounting to US$479,6 million, which represented a 16 percent increase compared to the same period last year.

Profit before tax was up 12,8 percent to US$16,9 million while after-tax profit grew by 20 percent to US$12,8 million from US$10,3 million last year.

Overheads increased by 19,2 percent to US$65 million during the period under review mainly attributable to staff costs recruited to man newly opened branch.

Ok said capital expenditure during the 2013 financial period rose from US$11,5 to US$12 million mainly in respect of store refurbishments and replacement of equipment.

Shareholders of the Zimbabwe Stock Exchange- listed group this year pocketed a modest US0,60c per share dividend, representing 20 percent growth on the dividend the company declared for the full year to March 2012.

OK Zimbabwe believes that the combination of its strong brands, committed and experienced workers will help it continue to operate competitively.

“It will continue in its endeavour to grow sales profitably with initiatives that include the opening of new stores as well as full utilisation of extra facilities in the modernised stores,” said chairman David Lake in the firm’s annual report.

The company opened a new branch in Harare in March this year while two more were planned for Hwange and Chitungwiza by year-end.

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