Africa-Press – Zimbabwe. OK Zimbabwe shareholders have approved a US$30,5 million capital raise to breathe new life into the business.
The capital raise will be done via the issuance of new shares to existing shareholders and the disposal of immovable assets.
OK will raise US$20 million through the issuance of 1 834 982 573 new ordinary shares of ZiG0,0001 nominal value each in the company’s authorised but unissued ordinary share capital to existing holders of the company’s ordinary shares as at the close of business yesterday.
This will be done at a subscription price of US$0,0109 per share for each rights offer share payable in full in US$ based on 1,37 rights offer shares for every one OK ordinary share already held at the record date, at a subscription price of US$0,0109 per rights offer share payable in full on acceptance in United States dollars.
Shareholders also agreed to sell some of their immovable assets to raise US$10,5 million.
Immovable assets set for disposal are Stand 19676 Harare Township of Salisbury Township Lands, Liberation Legacy Way, Borrowdale, Harare (vacant commercial stand), (b) Stand 14997 Salisbury Township, Birmingham Road, Workington, Harare (warehouse), (c) Stand 5950 Salisbury Township, 118 Mbuya Nehanda Street, Harare and OK Mbuya Nehanda.
They also include Stand 151A Gweru Township, 67 Main Street/Livingstone Avenue, Gweru (OK Gweru), Stand 12279 Glenview Township, Glenview, Harare (OK Glen View), Stand 223 Malvern Township, 23 Simon Mazorodze Road, Waterfalls, Harare (OK Malvern) and Stand 6464 Odar Township of Stand 39 Odar Township, Harare-Masvingo Highway, Southlea Park, Harare.
Shareholders approved the appointment of the National Social Security Authority as lead underwriter and Datvest Nominees (Private) Limited and Old Mutual Life Assurance Company Limited as sub-underwriters for the rights offer.
OK Zimbabwe shareholders also approved the reconstitution of the board at the forthcoming annual general meeting to refresh and align it with the company’s “future strategic direction and to allow for the onboarding of new skills to drive the next phase of transformation”.
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