Published: 08 May 2014

Agro-focused firm Chemco Holdings has been delisted from the Zimbabwe Stock Exchange with effect from today.

Trade in Chemco shares was suspended in 2012 and shareholders felt that corrective actions for the company, which has been posting losses over the last three years, would be best implemented outside of regulations and social pressures of the capital markets.

The delisting of the firm was approved at an EGM held in March, paving the way for its takeover by TSL Limited.

Shareholders voted for the issuing about 15,8 million Chemco shares to TSL by way of private placement in exchange for assuming debt and third party trade payables of up to $2,64 million.

TSL has a 62 percent stake in Chemco, a manufacturer and distributor of agricultural inputs. In addition to retailing building material and timber supplies through TS Timber branches, Chemco operates Agriculture Buying Services in Harare, which sells agriculture and hardware supplies.

Other shareholders in Chemco include Farm-A-Rama (14 percent), TS Timber (6,5 percent), Agriculture Buying Services (5,6 percent), Old Mutual Life Assurance (5,3 percent) and Alpha Asset Management (3 percent).
- BH24

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