By Chief Business Reporter
ZIMBABWE Stock Exchange-listed Zimplow has kept the market guessing on a yet-to-be-named asset which is up for disposal, warning the transaction could have material impact on the company’s shares.
This follows a September 21 cautionary, in which Zimplow advised shareholders of what was only referred to as “a potential transaction” which could have material impact on the company’s shares.
In cautionary statements of October 21 and December 17, Zimplow described the potential transaction as “disposal of an asset.”
“Accordingly, shareholders are advised to exercise caution and should consult their professional advisors before dealing in the shares of the company until a full announcement is made,” read part of the December 17 cautionary statement.
The latest manoeuvres come after Zimplow embarked on a diversification drive which saw the group in August announce the acquisition of Birmingham Investments, Scanlink, Tredcor Zimbabwe and an industrial property in Willowvale.
All the assets are now wholly owned subsidiaries of Zimplow.
Tredcor is the sole distributor of Goodyear Tyres in the country, while Scanlink is the sole distributor of Scania products in Zimbabwe.
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Scanlink was previously owned by Pioneer Development Company and Birmingham by Unifreight Holdings.
Soon after the first half of 2021, Zimplow chairman Godfrey Manhambara vowed to double the groups’ current performance by 2024 “utilising the group’s diversified structure, premium brands, the technical expertise and experience of our people and the backroom infrastructure that we now possess”.
“The thrust is to be the right partner for our customers and stakeholders as a premier supplier of equipment for the agriculture, mining, construction, alternative power sectors and now extending into logistics.
“We are, therefore, upskilling our staff, tooling up our factories and workshops and undertaking facelifts of our branches and facilities to ensure that our service delivery is the best in terms of class. We are working at improving our value delivery to ensure that overall, our unique capabilities that endear us to our customers are clearly visible,” he told our sister publication.
Zimplow now boasts global brands of equipment, the group is also a distributor of brands such as Massey Ferguson, CAT, Valtra, Perkins, Monosem, Mealiebrand and CT Bolts.
Zimplow operates through Mealiebrand, Farmec, Barzem, Powermec, CT Bolts, Trentyre, Scanlink and Manica Road Investments.
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