Edgars shareholders back VFEX exit
CLOUDINE MATOLA
Edgars Stores Limited shareholders have approved the clothing retailer’s delisting from the Victoria Falls Stock Exchange (VFEX), clearing the way for a buyout of minority investors by Annunaki Investments (Private) Limited.
The decision marks a reversal of Edgars’ move to the US dollar-denominated bourse just two years ago, when the retailer transferred its listing from the Zimbabwe Stock Exchange (ZSE) to the VFEX in April 2024.
Company secretary Rutendo Mutombwa said shareholders approved the delisting at an extraordinary general meeting held in Harare last week.
“The meeting was duly convened and met the quorum requirements in terms of the company’s Articles of Association,” Mutombwa said.
Shareholders representing 295,940,231 minority shares voted on the special resolutions, while 564,659,917 shares were represented at the meeting, equivalent to 86.8% and 93% respectively of the company’s issued share capital.
“All resolutions were passed without amendment,” she said.
Edgars is scheduled to delist from the VFEX on September 28, 2026.
The delisting will pave the way for Annunaki to acquire the shares held by minority investors under an offer that is now open.
“Following the passing of the resolutions above, shareholders are advised that the offer by Annunaki Investments (Private) Limited to the minority shareholders of Edgars Stores Limited to acquire their ordinary shares is now open,” Mutombwa said.
Annunaki is offering US$0.0248 a share, payable exclusively in US dollars. The offer opened on August 28 and closes on September 18.
Edgars’ planned exit comes as Zimbabwean companies reassess their capital-market structures in response to changing economic conditions, liquidity constraints and efforts to unlock greater value for shareholders.
The VFEX was established as a platform to facilitate foreign-currency trading and attract capital, with companies from mining, manufacturing, financial services and retail among those that have migrated or listed on the exchange.
Edgars, one of Zimbabwe’s largest clothing retailers, operates the Edgars, Jet and Carousel brands.
The group has been pursuing operational efficiencies, strengthening its retail footprint and adapting its business to shifting consumer spending patterns.
