Board, management overhaul at retail giant OK Zimbabwe
A board and management overhaul is looming the country’s retail giant OK Zimbabwe after shareholders approved major capital and strategic moves.
In a landmark Extraordinary General Meeting held recently, OK Zimbabwe Limited shareholders unanimously passed all proposed resolutions without amendments.
Key resolutions included: ✅ Increase in authorised share capital. ✅ Rights Offer approval and placement of shares. ✅ Disposal of certain business assets.
✅ Board reconstitution and director authorisation.
These resolutions pave the way for enhanced capitalisation, strategic partnerships, and operational efficiency as the retail giant gears up for expansion and shareholder value growth.
Like any other retailers, OK Zimbabwe has been struggling to sustainably remain afloat and this affected growth prospects.
The situation forced the company to downsize as well as shutting some of its branches across the country.
The Zimbabwean retail sector has been facing undue competition from informal traders.
The Confederation of Zimbabwe Retailers (CZR) has since sounded alarm bells over the precarious state of the country’s formal retail and wholesale sector.
This follows the recent closure of several high-profile retail outlets, including Spar Zimbabwe’s Queensdale Spar and Choppies Zimbabwe’s exit from the market.
Other retailers, such as Mahommed Mussa have been forced to significantly reduce their operations.
In a statement , CZR pesident Denford Mutashu said the sector is facing an existential threat due to economic turbulence coupled with unfair competition from unregulated operators.
“The informal sector operates outside compliance with statutory obligations, offering goods at lower prices and making it increasingly difficult for formal businesses to compete,” Mutashu said.
Mutashu added that there is a need for President Emmerson Mnangagwa to urgently intervene to rescue the sector.
“The situation is dire, and urgent action is needed to protect the livelihoods of millions of Zimbabweans who depend on these businesses,” he said.
Zwnews
