Published: 21 February 2014

Listed Chemco Holdings limited plans to convert a debt owed to TSL into equity. Consequently, TSL - owed around $2 million - will increase its shareholding to 81.64% in the agro-focused group.

Chemco will also delist from the Zimbabwe Stock Exchange.

The transaction awaits shareholder approval at an extraordinary general meeting to be held next month.

This comes as structural changes in demand from key markets, high overheads and inability to effectively recapitalise operations have resulted in Chemco generating revenues and cash flows insufficient to support operational and financing costs.
- dailynews

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