Published: 26 July 2013

CFI Holdings shareholders approved the selling of 49% of its shareholding in Victoria Foods to South Africa's Grindrod Trading which is a subsidiary of JSE-listed Grindrod Limited at an EGM held today.
 
Grindrod Trading will pay $3.250m for the shareholding and will also provide a $2.750m shareholder loan at 8% for an indefinite period.
 
Chairman Simplisius Chihambakwe in his note to shareholders also said the transaction will unlock a $12m grain procurement facility for Victoria foods.
 
The approval of the sale which was tabled as a special resolution was supported by 80% of available shareholders while other investors led by Nick Van Hoogstraten voted against the transactions.

- zfn

You might also want to read this

• CFI holdings Limited reports ZWL$7,2 million profit after tax
• CFI divisions get $33 million working capital
• Govt averts National Foods closure
• National Foods switches off wheat milling machines
• Victoria Falls mall 65% complete
• RTG completes Victoria Falls Rainbow refurbishment
• CFI battling with legacy rot
• UAE investors eye Victoria Falls
• Boma, a must-do in Victoria Falls
• CFI blow for Nicholas van Hoogstraten