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NewsDay

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Kingstons assets go under the hammer

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THE High Court has ordered the sale of stationery retailer Kingstons Limited’s commercial stands in a bid to recover $300 000 owed to ZB Bank.

THE High Court has ordered the sale of stationery retailer Kingstons Limited’s commercial stands in a bid to recover $300 000 owed to ZB Bank.

Tarisai Mandizha

According to a public notice last Friday, a local property firm, Stohill Properties, will on July 19 auction two commercial stands owned by Kingstons at Raylton Sports Club in the capital.

This comes at a time when the level of non-performing loans in the local banking sector have reached unsustainable levels due to biting liquidity constraints.

“Duly instructed by the Sheriff of the High Court of Zimbabwe, we will be offering the following immovable properties for sale by public auction: The defendant’s right and title relating to a certain piece of land situate in the district of Salisbury called stand 2428 Salisbury township measuring 7 575 English square feet,” the statement reads.

“A certain piece of land situated in the district of Salisbury called stand 2429 Salisbury township measuring 8 299 English square feet.”

According to the statement, improvements on the commercial building comprised of eight shops on ground level, four offices serviced by an elevator and a gated sanitary lane.

Kingstons Limited has since the introduction of multiple currencies been struggling to remain afloat due to stiff competition and working capital constraints.

The company has 24 branches across Zimbabwe.