Tanganda seeks to reward employees
BUSINESS REPORTER
Zimbabwe’s largest tea producer, Tanganda Tea Company Limited will seek shareholders’ approval for its plan to establish a Share Incentive Schemes for management and employees at the company’s annual general meeting scheduled for the end of this month in the capital Harare.
The matter, according to a notice of the meeting sent to the shareholders this week by the company secretary, Sharon Kodzanai, will be discussed under special business.
“To consider, if deemed fit to pass, with or without modification, the resolutions to establish Share Incentive Schemes for management and employees,” Kodzana said.
She added: “(About) 13 053 230 unissued shares (approximately 5% of the current total issued shares) be placed under the control of the directors who shall have the authority to issue executive and senior management employees over a 5 year period such terms and conditions they deem fit as an incentive to attract , retain and reward executive and senior management.
“A further 13 053 230 unissued shares of the company be placed under the control of directors who shall have authority to issue the shares to an Employees Ownership Trust on such terms and conditions they deem fit provided that the shares be issued at a price calculated on the basis of the weighted average price of the company over 45 days prior to the date of issue.
That the directors of the company be hereby authorised to do all such things required to implement the Share Incentive Schemes.”
In a trading update for the quarter to September 30, 2023, Tanganda reported a 57% volume growth for tea exported to regional markets to 343 tonnes from 218 tonnes.
However, overall packed tea sales volumes were 1994 tonnes in the year to September 30, 2022, reflecting a 9% decrease from 2191 tonnes in the previous year.
