· AGM Notice: ARTD
· Board Changes: Dairibord; Hippo; Edgars
· Listing Migration: Edgars
· Trading Update: CAFCA
Sandton, Johannesburg - AGM Notice: ARTD
Amalgamated Regional Trading (ART) Holdings Limited will hold its 22nd Annual General Meeting of shareholders virtually on Thursday, 07 March 2024 at 1430 Hours.
Board Changes: Dairibord; Hippo; Edgars
The Board of Directors of Dairibord Holdings Limited announced the appointment of Mr. Leonard Mutunga as an Executive Director in charge of Finance with effect from the 1st of January, 2024. The Board also appointed Mrs. Gertrude Kumbirai Mashanganyika as an independent Non-Executive Director with effect from the 1st of January 2024.
The Board of Directors of Hippo Valley Estates announced the resignation of Aiden Mhere, the Chief Executive Officer of the Company, effective on the 31st of March, 2024. Aiden served executive roles within the agricultural industry for over 30 years. He served as CEO from the 1st of December 2019, and has elected to proceed to an early retirement on the 31st of March 2024. Subsequently, the Board has appointed Tendai Masawi as the new Chief Executive Officer of the Company effective 1 April 2024. Tendai has held various roles within the Sugar value chain, and joined the Company as Milling Operations Director in September 2012 to be later appointed as Executive: Milling Operations and Technical Services from 2018. The Group also announced that Daniel Leseja Marokane, a member of the Company’s Board and the Interim Chief Executive Officer of Tongaat Hulett Limited, has resigned from the Board and the Group effective 29 February 2024.
Edgars Stores Limited announced the appointment of Chipo Mafunga of ChimukaMafunga Commercial Attorneys as Company Secretary effective 01 January 2024. The new secretary replaces Sikhumbuzo Mate who served the role for two years.
Listing Migration: Edgars
Zimbabwe Stock Exchange (ZSE) listed clothing retailer, Edgars Stores Limited, announced through its new secretary that it is considering migrating to Victoria Falls Stock Exchange (VFEX), pending approval from shareholders as well as necessary regulatory authorisations. Edgars Stores Limited sells apparel, footwear, textiles, and accessories in Zimbabwe, operating six business segments that include Edgars Stores Retail, Jet Stores Retail, Manufacturing Carousel, Micro Finance Club Plus, Corporate Head Office, and Financial Services. If successful, Edgars will become the first clothing retailer to list on VFEX, bringing the number of total stock listings to 14 on VFEX.
Trading Update: CAFCA
CAFCA Limited achieved a 3% growth in conductor tonnes sold from 559 tonnes in the corresponding period last year to 573 tonnes in the first quarter of its 2024 financial year, according to a Trading Update dated 29 January 2024. In the first quarter ended 31 December 2023, CAFCA recorded a strong performance on the export market, with export volumes rising by 32 tons against comparable period last year. this was attributed to improved foreign currency in Malawi which in-turn fueled demand for goods and services. CAFCA said the other export destination markets remained stable during the period. Meanwhile, local sales volumes dropped by -3% in the period under review owing to an overall decline in the industry. This is also attributed to an overall decline in demand in the local market owing to a currency crisis which necessitated a contractionary monetary policy, as opposed to developments in Malawi as aforementioned. In the full year ended 30 September 2023, CAFCA achieved a 9% surge in sales volumes. The 3% growth recorded in the first quarter of FY24 is, therefore, a remarkable jump which positions the Company on a trajectory to record an improved volumes performance in FY24.
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