Board Changes: ZHL

The Board of Directors of Zimre Holdings Limited (ZHL) announced the appointment of Messrs Richard Morgan and Nicholas Mugwagwa Vingirai to the Board effective 28 July 2023. This follows their election at the Annual General Meeting (AGM) of ZHL held on 28 July 2023 and requisite regulatory approvals. Both are joining the Board as Non-executive Directors.

AGM Notice: Meikles; OK Zim

Meikles Limited said it will hold its 86^th AGM on 02 November, 2023 at 09.00 Hours. The meeting will be held virtually.

OK Zimbabwe Limited also announced that it will hold its 22^nd AGM virtually on Thursday, 02 November, 2023 at 15:00 hours. Shareholders will be requested to connect and attend the meeting virtually by logging onto: https://escrowagm.com/eagmZim/Login.aspx#.

Delay in Publishing Financial Results: ZECO

ZECO Holdings Limited issued a notice on the late publication of its half-year 2023 financial results due to “the process not being completed”. The financial results will now be published on or before 31 October 2023.

Notice to Shareholders: FML; Padenga

First Mutual Holdings Limited announced that on the 5^th of September, 2023, CBZ Holdings Limited acquired 14,428,149 shares, constituting 1.9% shareholding in FMHL. On 6 September, 2023, CBZHL acquired 226,997,219 shares, constituting 31.22% shareholding in FMHL from National Social Security Authority (NSSA). Prior to the NSSA transaction, CBZHL held 25,432,508 shares, constituting 3.23% shareholding in FMHL.

Padenga Holdings Limited issued a notice to shareholders, highlighting that the Board of Padenga agreed to restructure the business of Padenga Holdings Limited. This follows the approval by shareholders of Padenga to acquire the remaining 49.9% shareholding in the Dallaglio Investments (Private) Limited mining business, so that Dallaglio becomes a wholly owned subsidiary of Padenga Holdings Limited.

Cautionary Statement: RTG

Rainbow Tourism Group Limited issued a cautionary statement, advising shareholders and the investing public that the Company remains engaged in negotiations for an acquisition of a complimentary business to the Company’s operations. If successfully concluded, the transaction may have a material effect on the price of the Company’s securities and thus shareholders are advised to exercise caution when dealing with the Company’s securities.

Production Update: Caledonia

Caledonia Mining Corporation published gold production results from the Blanket Mine in Zimbabwe for the quarter ended 30 September, 2023. Blanket Mine set a new record in the quarter after producing 21,772 ounces of gold. This marked a 3% surge on the 21,120 ounces produced in the corresponding quarter of 2022. Gold produced in the nine months to the end of September accumulated to 55,244 ounces. Caledonia reiterates its gold production guidance for 2023 of between 75,000 and 80,000 ounces.

Half-year Financial Results: Dairibord

In the 6-months to 30 June 2023, Dairibord recorded a 56% growth in inflation adjusted revenue to ZWL306.05 billion. The growth in revenue was driven by a strong volume performance along with moderate price adjustments. On the downside, the Group succumbed to significant cost increments on account of imported inflation and price distortions arising from exchange rate movements. Dairibord said there was a sharp increase in material costs and utilities, which led to an overall 68% surge in cost of sales, in inflation adjusted terms. At ZWL61 billion, operating profit was 237% up against corresponding period in the prior year. The operating profit margin for the period was 20%, up from 9% in prior period. Due to a rapid depreciation of the local currency between May and June 2023, Dairibord suffered foreign exchange losses of ZWL27.49 which impacted the operating performance and ZWL42.55 billion which increased finance costs. As a result of subdued operating performance, the Group recorded a loss for the year of ZWL4.65billion.

In the half-year period under review, the Dairy Services Unit of the Ministry of Agriculture reported that raw milk utilised by processors grew 9.19% to 42.078 million litres, and Dairibord accounted for 34% of total raw milk received by processers after utilizing 14.226 million litres of the aggregate volume, a laudable 16% increase over the same period last year. Dairibord recorded a 9% growth in total sales volumes during the period under review, which pushed up revenues. Buttressing the overall volumes performance was a 6% surge in Liquid Milk’s sales volumes which were pushed by a 32% increase in Chimombe volumes. Sales volumes in the Beverages segment surged by a notable 16%, fueled by capital investments made in this revenue segment which improved production throughput and sales. On the contrary, foods volumes declined by 23% against prior year comparable period due to inconsistent supply of quality inputs affecting peanut butter and salad cream, and depressed demand for ice creams.

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