Truworths To Finalise Corporate Rescue Plan And Delisting At 25 February Meeting
Truworths, currently undergoing corporate rescue, along with its subsidiaries, Topic Stores and Bravette Manufacturing Company, is set to hold a crucial shareholder meeting on 25 February in Harare.
Trading of Truworths’ shares was suspended on 7 March 2024 after the company requested a voluntary suspension.
The retailer has been struggling with inflationary pressures and tight liquidity, which have led to reduced demand and declining consumer spending.
As reported by the Chronicle, the primary agenda of the meeting will be to implement Section 10 of the corporate rescue plan, which includes the acquisition of shares by Valfin Investments for US$1 and the delisting of Truworths from the Zimbabwe Stock Exchange.
The resignation of the current board and the appointment of a new one will also be discussed.
An update on the approval of Valfin as an investor in Truworths, as well as the potential merger of the two businesses, will be reviewed during the meeting.
Truworths is a well-known retailer offering a wide range of fashion apparel, including clothing, footwear, bags, shoes, perfumes, and homeware products for men, women, teenagers, and children.
