Business / Companies
Zimbabwe Dairibord increases shareholding in Malawi Dairibord
16 Aug 2011 at 10:19hrs | Views
Dairibord Holdings Limited has increased its shareholding in Dairibord Malawi Limited (DML) to 68,4 percent from 60 percent, according to the Herald.
Group chairman Timothy Chiganze told shareholders in the group's financial statement for the six months ended June 30, 2011 that the transaction was funded through a dividend declared by the company.
The Zimbabwe Stock Exchange (ZSE)-listed firm increased its interests in DML through the acquisition of 8,4 percent equity.
Dairibord is expected to spend about US$7 million this year, to recapitalise the company, which is not operating viably.
"The funding plan for the company has been protracted, affecting the capitalisation of the company," said Chiganze.
"Discussions are currently underway…to find a solution."
For the six months under review, Dairibord turned over US$42,4 million, representing a 35 percent growth compared with the same period last year.
Group chairman Timothy Chiganze told shareholders in the group's financial statement for the six months ended June 30, 2011 that the transaction was funded through a dividend declared by the company.
The Zimbabwe Stock Exchange (ZSE)-listed firm increased its interests in DML through the acquisition of 8,4 percent equity.
"The funding plan for the company has been protracted, affecting the capitalisation of the company," said Chiganze.
"Discussions are currently underway…to find a solution."
For the six months under review, Dairibord turned over US$42,4 million, representing a 35 percent growth compared with the same period last year.
Source - TH
