OK Zimbabwe upbeat about turnaround

The group is also seeking shareholder approval to raise an additional US$20 million through a renounceable rights offer of 1,834,982,573 new ordinary shares in its share capital.

OK Zimbabwe (OK Zim) says its proposed turnaround plan, which involves raising equity capital and disposing of some underperforming assets, will bring business back on track.The country’s largest retailer by store footprint is currently saddled with a US$30 million debt, mainly owed to suppliers, resulting in most of them withholding stock.To ensure business continuity, OK…

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