HARARE – African Distillers Limited (AfDis) today announced that its Board of Directors has approved a change in the company’s fiscal year-end from June 30 to March 31.
The change will in essence enable the Company to align its fiscal year to comply with the group consolidation and reporting requirements of its majority shareholder, Delta Corporation Limited.
According to the Company’s statement, the change of financial year-end has been approved by the Zimbabwe Stock Exchange and the Zimbabwe Revenue Authority.
African Distillers Limited manufactures, distributes and markets branded spirits, ciders and wines for the Zimbabwe market and for export. The founding company was established in 1944 and its activities originally centered around the sale and distribution of imported spirits, liqueurs and wines. Local production of a range of spirits commenced in 1946 and African Distillers Limited became a public-quoted company in 1951. AfDis offers its customers a first-class distribution service, with six depots located in strategic economic hubs in Zimbabwe (Bulawayo, Harare, Kwekwe, Masvingo, Mutare and Victoria Falls). Its headquarters, manufacturing plant, warehouse and distribution facilities are in Stapleford, an industrial area on the outskirts of Harare.
Earlier in 2019, Delta increased its shareholding in AfDis to 50.1% effectively establishing the spirits and wines maker as a subsidiary of Delta.
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