Business / Economy
Zimbabwe corporate restructuring spree on the way – Imara
17 Feb 2012 at 10:08hrs | Views
A spate of corporate restructurings is on the cards in Zimbabwe, predicts Imara, the pan-African financial services group with a strong operational base in the southern African nation.
Grant Flanagan, manager of Imara's specialist Zimbabwean investment fund, has alerted international investors to the prospect of an upcoming 'spree'.
In his last report to investors he said investment firm Lonzim Plc had announced it was now ready to operate without support from Lonrho Plc and "as such there will be four changes to the board at the AGM should all resolutions be approved by shareholders".
The company is also likely to change its name.
In addition, said Flanagan, Ariston Holdings, the export-driven agri-business, had published a cautionary notice stating that a major transaction is being negotiated that could result in a change to shareholder structure and a recapitalisation of the business.
Furthermore, Riozim, the investment company with interests in mining and energy, has published a statement announcing that it has accepted an offer that would resolve its indebtedness and provide a way forward.
The statement follows an application by a consortium of banks for the company to be put into judicial management.
Flanagan commented: "This may have motivated management to accept the offer."
Grant Flanagan, manager of Imara's specialist Zimbabwean investment fund, has alerted international investors to the prospect of an upcoming 'spree'.
In his last report to investors he said investment firm Lonzim Plc had announced it was now ready to operate without support from Lonrho Plc and "as such there will be four changes to the board at the AGM should all resolutions be approved by shareholders".
The company is also likely to change its name.
In addition, said Flanagan, Ariston Holdings, the export-driven agri-business, had published a cautionary notice stating that a major transaction is being negotiated that could result in a change to shareholder structure and a recapitalisation of the business.
Furthermore, Riozim, the investment company with interests in mining and energy, has published a statement announcing that it has accepted an offer that would resolve its indebtedness and provide a way forward.
The statement follows an application by a consortium of banks for the company to be put into judicial management.
Flanagan commented: "This may have motivated management to accept the offer."
Source - Byo24News
