Harare, Zimbabwe (News of the South)-As the Zimbabwean economy crunch continues to deepen Zimplow Holdings Limited has disposed of two non-core properties as it seeks to pay off debts weighing down the company.
This has been revealed in a statement released by the company’s directors.
“The Directors of Zimplow Holdings Limited would like to advise shareholders that, further to the notice contained in the Press Release published on 31 March 2016, the Company has successfully concluded the disposal of two non- core commercial properties”.
“The properties in Harare and Masvingo for considerations are Harare, 34 Douglas Road Property whose gross proceeds excluding VAT of $833,648 was sold to Tatwick Properties (Private) limited”.
The other property, Masvingo, Stand number 1661, Hughes Street Property with a gross value, excluding VAT, of $440,000 was sold to Cranrid Investments (Private) Limited.
The purchasers are not related to the Company.
“The proceeds from the disposal of these two commercial properties were used to retire some of the Company’s short term borrowings”, the company says.
The company is still engaged in negotiations to dispose some of the non- core residential properties in various cities.
Many Zimbabwean companies have neen operating at low capacity utilization due to a stringent list of challenges facing the Southern African country.
The low capacity utilization has resultantly led to low exports, retrenchments and complete shutdown of others.
ZIMPLOW has many brands under it that include Valtra, GSI, FENDT and Massey Ferguson.
Over the last 3 years the Group has undertaken some strategic acquisitions. These included the acquisition of the minority interest in Tractive Power Holdings (TPH) and the subsequent delisting of TPH from the Zimbabwe Stock Exchange.
Comments
About Author
