Zimbabwean Brands, Mega Market increase shareholding in Turnall

Listed consumer discretionary manufacturer, Turnall, announced that one of its shareholders had acquired an additional 10 percent of its listed shares.

Company secretary, Lizzy Samunda, in a statement noted; “Zimbabwean Brands (Private) Limited increased its shareholding in Turnall Holdings Limited on the 10th of May 2023. The shareholder acquired an additional 51,741,300 ordinary shares representing 10,5 percent of the company’s total issued ordinary share capital.

“Zimbabwean Brands shareholding in the company, taken together with that of Mega Market (Private) Limited which is deemed to be an associate company, has now increased from 68,2 percent to 78,7 percent of the total issued shares of Turnall Holdings Limited. The Company intends to remain listed on the ZSE and shall seek the necessary dispensation in this regard.”

Turnall had issued a rights issue proposal but later withdrew after other shareholders offered to sell their shares as a way of avoiding being diluted.

In a cautionary statement the company said at the time; “As advised in the cautionary statement dated 30 April 2023, the company has been considering a Rights Issue. This has caused several significant shareholders to reconsider their long-term commitment to the business.

“The shareholders have now reached an agreement for the disposal of their shareholdings to the major shareholder who remains committed to the long-term success of the company. In view of these developments, the cautionary statement of the 30th of April 2023, is hereby withdrawn.”

Turnall is engaged in the production of building and construction materials comprising corrugated sheeting, flat sheets, pan tiles, pressure pipes, sewer pipes, concrete roofing tiles and related accessories.

The company operates through the segments, which include Building products, Piping products and Concrete tile.-ebusinessweekly