Truworths delists from ZSE

Published: 7 hours ago

Truworths Limited, together with its subsidiaries Topics Stores (Private) Limited and Bravette Manufacturing Company (Private) Limited, has officially been delisted from the Zimbabwe Stock Exchange (ZSE) with effect from July 22, 2025.

The ZSE confirmed the termination of Truworths' listing today, marking the end of a nearly year-long corporate rescue process. The decision follows a resolution passed by shareholders and the company's placement under corporate rescue, which commenced on August 7, 2024, in terms of Section 122 of the Insolvency Act [Chapter 6:07].

During the corporate rescue period, Truworths remained under voluntary suspension on the ZSE, a status intended to continue until the company exited the rescue process. In line with Section 126 of the Insolvency Act, a moratorium was implemented to prevent any legal action or enforcement proceedings against the company or its property, unless authorised by the corporate rescue practitioner.

The initial phase of the rescue process included a creditors' meeting held on August 28, 2024, at the Master of the High Court's Offices in Harare. This meeting discussed the potential for rescuing the company, reviewed claims from creditors, and appointed a committee to oversee proceedings.

A significant milestone was reached on November 20, 2024, when the corporate rescue plan was adopted. This paved the way for a shareholders' meeting held on February 25, 2025, at the Celebration Centre in Borrowdale, where key elements of the rescue plan were implemented.

These included the acquisition of shareholding by Valfin Investments for US$1, approval of the company's delisting, resignation of the existing board, and the appointment of a new leadership team. The meeting also confirmed Valfin's role as a new investor in Truworths and laid the foundation for a future merger of the two entities.

The formal resolution to voluntarily terminate Truworths' listing on the ZSE was passed by shareholders on February 20, 2025, in compliance with Section 11 of the ZSE Listing Requirements. The ZSE subsequently sought and obtained approval from the Securities and Exchange Commission of Zimbabwe (SECZim) to proceed with the delisting, as required under Section 64 (1)(a)(i) of the Securities and Exchange Act [Chapter 24.25].

As a result of this delisting, and in line with Section 15(d) of the ZSE Listing Requirements, Truworths securities will no longer be traded on the exchange from July 22, 2025.
- The Herald

Tags: Truworths,