Tanganda eyes shareholder backing
...finalises circular for fresh multi-million capital raise
SAMANTHA MADE
Tanganda Tea Company Limited is turning to its existing shareholders to secure US$8m through a proposed Renounceable Rights Offer, a move aimed at driving the company’s growth and strategic plans.
“The proposed capital raise by way of a Renounceable Rights Offer to existing ordinary shareholders, to raise US$8m, is still under consideration,” Sharon Kodzanai, Company Secretary said this week.
The company is finalising a Circular to shareholders, which will include a notice to convene an Extraordinary General Meeting (EGM) to consider and approve the capital raise. The Circular will outline the terms and conditions of the offer and will be circulated to shareholders in due course.
“The Transaction, if successful, may have a material effect on the company’s share price. Accordingly, shareholders are advised to continue exercising caution when dealing in the company’s shares until a full announcement is made,” Kodzanai added.
The initiative highlights Tanganda’s reliance on shareholder support to fuel capital expansion, reinforcing their influence in shaping the company’s strategic trajectory. While the exact allocation of the proceeds has not yet been disclosed, the infusion is expected to underpin growth and operational initiatives.
Tanganda Tea Company Limited, listed on the Zimbabwe Stock Exchange, remains a key player in Zimbabwe’s agricultural sector, with investors closely monitoring developments around the proposed rights offer.
