The Zimbabwe Stock Exchange (ZSE) has suspended trading in OK Zimbabwe Limited (OK) shares after the once-dominant retailer—one of the country’s largest—filed for corporate rescue, sending shockwaves through the market and raising fresh concerns about stability in the retail sector.
The filing comes despite OK having lined up potential liquidity of about US$67,3 million through a US$20 million capital raise, planned property disposals worth up to US$27,7 million, and US$19,6 million in secured banking facilities.
However, key components of that funding pipeline remained either undrawn, delayed, or subject to board approval. Property sales stalled, while suppliers maintained shortened trading terms, constraining stock replenishment.
As revenues collapsed by 84,07% to US$28,26 million in the half-year to September 30, 2025, OK remained technically insolvent, with just 47 US cents for every dollar of short-term debt. The combined measures ultimately proved insufficient to stabilise operations.
OK reportedly filed for corporate rescue at the Master of the High Court’s Office in terms of Section 125(1)(a)(i) of the Insolvency Act on Tuesday.
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies all market participants and the investing public that trading in the shares of OK Zimbabwe Limited (OKZ.zw), listed on the main board of the Zimbabwe Stock Exchange, has been halted with immediate effect,” the ZSE said in a statement today.
“This action has been taken in terms of the ZSE Listings Requirements following the receipt of material information indicating that the issuer has commenced corporate rescue proceedings. The trading halt is intended to maintain an orderly, fair and transparent market and to ensure that all investors have equal access to material information.”
The ZSE said it had engaged and agreed with OK that the issuer would make an application for the voluntary suspension of trading in its securities.
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“Upon receipt of the application for voluntary suspension, the ZSE will seek the requisite approval from the Securities and Exchange Commission of Zimbabwe (SecZim),” the ZSE said.
“The halt shall remain in effect pending the publication of an announcement by the company or until further notice by the Exchange.”
Since the onset of OK’s financial troubles three years ago, investor appetite for the retailer’s shares has waned significantly, with its market capitalisation plunging to US$8,61 million as of Wednesday, down from US$60,52 million at the start of its challenges.
The corporate rescue filing comes despite the Reserve Bank of Zimbabwe and the Ministry of Finance, Economic Development and Investment Promotion touting single-digit inflation amid what they describe as a “stable” ZiG currency.
OK’s challenges stem from a prolonged liquidity crunch that crippled its ability to replenish stock, forcing it into shortened supplier trading terms and reliance on costly supplier-finance arrangements.
The situation was compounded by exchange-rate volatility, declining consumer spending, intensifying competition from the informal sector, and rising operating costs—including utilities and generator expenses—which together triggered the revenue collapse and deepened its technical insolvency.
