Shareholders at the Zimbabwe Stock Exchange-listed agro-industrial concern Ariston Holdings Limited have approved a major board shake-up.
Ariston, one of Zimbabwe’s leading tea producers, has been battling liquidity constraints and threats to its going concern status.
The firm’s shareholders confirmed during an annual general meeting held recently the appointments of chairman Michael Allan Bailey, Charity Murandu, Tendai Mupfumira and Josephine Takundwa to the board.
The governance changes come at a difficult time for Ariston, which reported a US$3,13 million loss for the year-ended September 30, 2025.
Financial statements for the period showed that current liabilities exceeded current assets by nearly US$2,1 million.
Auditors and directors have warned that the group’s future remains uncertain, citing accumulated losses, weak liquidity and dependence on external funding.
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Despite the challenges, Ariston’s market capitalisation has surged 98,2% year-to-date to US$3,82 million as of last Friday, reflecting renewed investor interest in the stock.
The board overhaul followed a series of leadership changes at the company.
In April, Ariston appointed Farai Madziva as chief executive officer, succeeding Leon Nortier.
The appointment came after the resignation of long-serving finance director Acquilina Chinamo in April 2025, marking the second major executive departure at the group in just over a year.
To improve its financial position, Ariston is restructuring short-term debt into longer-dated facilities, pursuing shareholder support, investing in mechanised tea-harvesting equipment, expanding the use of solar energy and implementing cost-cutting and automation initiatives.
The group is also seeking off-take agreements with major macadamia buyers to improve revenue and cash generation.