- The offer generated ZWL36.9 billion
- This was above equivalent US$8 million intended to be raised
- About Turnall Holdings
Harare- Turnall Holdings Limited has successfully generated ZWL36.947 billion through its rights offer, which the company sees as crucial for improving its financial situation.
In a circular released on August 28th of this month, the company announced that the offer, which ended on August 16th, made a total of 4,930,403,080 shares available to existing shareholders. Out of these shares, a total of 3,809,017,129 were subscribed for, resulting in a subscription rate of 77.3%.
The capital raised through the Rights Offer exceeded the company's initial target of raising the Zimbabwe Dollar equivalent of US$8 million. At the time of the Rights Offer Circular published on June 16, 2023, US$8 million was equivalent to ZWL 47,824,909,876. However, due to the strengthening of the ZWL currency during the Rights Offer period, the equivalent ZWL amount became ZWL 36,456,000,000 by the time the offer closed on August 16, 2023.
Despite the change in the ZWL equivalent, the Rights Offer successfully raised an amount of ZWL 36,947,466,150.23, equivalent to US$8 million as initially intended. This achievement demonstrates the confidence and support of Turnall Holdings Limited's shareholders in the company's future prospects.
The capital raised through the Rights Offer will play a crucial role in turning around the company's fortunes. Turnall Holdings Limited plans to utilise the funds to strengthen its operations, invest in strategic initiatives, and enhance its market position.
The successful outcome of the Rights Offer reflects the commitment of Turnall Holdings Limited's shareholders and their belief in the company's ability to overcome challenges and deliver sustainable value.
Turnall Holdings Limited remains dedicated to delivering value to its shareholders, customers, and stakeholders. The successful Rights Offer has marked a significant milestone in the company's journey towards revitalization and sets the stage for a promising future.
Turnall Holdings Limited is a company that operates in the manufacturing and distribution sector. It specialises in the production of building materials, particularly construction and roofing products. Some of the key products manufactured by Turnall Holdings include asbestos and non-asbestos roofing sheets, pipes, fittings, and various other building materials.
The company caters to both residential and commercial construction projects, providing durable and reliable solutions for the construction industry. Turnall Holdings aims to meet the diverse needs of its customers by offering a wide range of high-quality building materials that conform to industry standards.
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