OK Zimbabwe raises US$20 million in fully subscrib...

OK Zimbabwe raises US$20 million in fully subscribed tights offer

Zim Now Writer

OK Zimbabwe Limited has raised US$20 million through a renounceable rights offer that closed on August 4, 2025. The offer was fully subscribed, with a strong response from both existing shareholders and underwriters.

According to an announcement from the company's board of directors, the "Rights Offer was fully subscribed through a combination of shareholder take-up and shares taken up by the underwriters in accordance with the underwriting agreement." Shareholders subscribed for 1,410,976,680 shares, accounting for 76.94% of the offer. Underwriters secured the remaining 424,005,893 shares, representing 23.06% of the total. The offer was officially announced on July 21, 2025.

The proceeds from the rights offer are earmarked for several key initiatives. The board stated that "proceeds from the Rights Offer will be applied towards partial settlement of legacy creditors, supporting the Company’s working capital and capital expenditure requirements and unlocking fresh supplier support."

In a separate update, the board confirmed that its property disposal program is ongoing. The company is "currently receiving and evaluating offers for the identified properties, with discussions underway to ensure that any transactions concluded are in the best interests of shareholders and are consistent with the Company’s strategic objectives."

The board expressed its appreciation to shareholders for their continued support and to the underwriters for their commitment to the success of the capital-raising exercise.