Zimbabwe: Chemco Shareholders Okay ZSE Delisting
CHEMCO Holdings shareholders this week approved the delisting of the company from the Zimbabwe Stock Exchange (ZSE). A manufacturer and distributor of agricultural inputs, Chemco was suspended from the ZSE in 2012.
The de-listing follows after the public was said to be no longer offering value to shareholders and the company also wants to change the business model from being a manufacturer to become a distributor.
TSL- Chemco's majority shareholder is of the view that corrective actions for the company, which has been posting losses over the last three years are best implemented outside of regulations and social pressures of the capital markets. TSL has a 62 percent stake in Chemco. Chemco will become a wholly owned subsidiary of TSL, but as a delisted entity
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