Zimplow raises $1,2mln from sales of non-core property

Zimplow raises $1,2mln from sales of non-core property

HARARE,May 19 (The Source) – Agro-industrial group, Zimplow Holdings, says it had grossed $1,27 million from disposals of two non-core properties, using the money to retire its short term debt.

The firm, which recorded a $4,7 million loss for the year ended December, 2015, said on Thursday it had sold properties in Harare and Masvingo for $833,649 and $440,000 respectively.

“The proceeds from the disposal of these two commercial properties were used to retire some of the company’s short term borrowings,” the agro industrial company said in an update to shareholders.

“The company is still engaged to dispose some of the non-core residential properties in various cities.”

In February last year, Zimplow raised $5 million through a rights offer which was used to retire part of its debt, which stood at over $13 million.

Two local firms, Tatwick Properties and Cranrid Investments, acquired the two commercial properties.

“The purchasers are not related to the company,” the firm stressed.

Zimplow, which last yearlast year shuffled it top leadership in the hope it would also turn around its financial performance, has four divisions namely Barzem, Mealie Brand, CT Bolts and Farmec which are involved in the manufacture and distribution of farming implements.