Border Timbers shareholders approve takeover

Border Timbers shareholders approved the proposed takeover of 100 percent of the issued share capital of BTL by Cicada Plantations Zimbabwe (CPZ) at a recently held Extraordinary General Meeting (EGM).

Shareholders voted in favour of all related resolutions as set out in the notice of the EGM.

Shares of Border Timbers Limited are currently suspended from trading on the Zimbabwe Stock Exchange since the close of trading on Monday, November 12, 2018.

It closed its last trading day (Wednesday, November 7, 2018) at 0.20 ZWL per share on the ZSE.

The termination of Border Timbers Limited’s ZSE listing will be done on November 3, 2023, according to the revised important dates and times.

Border Timbers said on Monday it had received an offer from Cicada Plantations Zimbabwe (CPZ), which seeks to acquire 100 percent of its issued share capital and a majority stake in Makandi Estates Limited, a complementary agricultural concern, in exchange for CPZ shares.

The company has three divisions: forestry, sawmilling and manufacturing.

The forestry division manages a total of five estates. Tilbury, Charter and Sawerombe are in the Chimanimani area to the south of Mutare town, while Imbeza and Sheba are to the north in the Pennalonga area.

Logs harvested by the division are processed at the three sawmills, namely, Charter, Tilbury and Sheba.

CPZ is a company based in Zimbabwe that specialises in plantation farming. The company focuses on cultivating and harvesting various crops, such as coffee, tea and other agricultural products.

Cicada Plantations Zimbabwe Private Limited, aims to promote sustainable farming practices and contribute to the economic development of Zimbabwe. They prioritise environmental conservation and social responsibility in their operations.

CPZ strives to be a leading player in the plantation farming sector in Zimbabwe, contributing to the country’s agricultural growth while maintaining sustainable practices.-ebusinessweekly