Chronicle Editor
Nqobile Bhebhe, [email protected]
Border Timbers Limited shareholders have approved the proposed 100 percent acquisition by Cicada Plantations Zimbabwe (CPZ), an agricultural entity focused on the production of various crops as the timber firm is set to delist from the Zimbabwe Stock Exchange on 3 November.
The deal was sanctioned during an extraordinary general meeting of shareholders held on Monday this week.
Recently, Cicada Plantations Zimbabwe (CPZ) offered to acquire 100 percent of the issued share capital of Border Timbers and simultaneously made an offer to acquire 100 percent of the issued share capital of Makandi Estates, a complementary agricultural concern, in exchange for its shares.
CPZ is an agricultural entity focused on the production of various crops including maize, wheat and soybeans.
The entity has a significant amount of farmland under cultivation and has been expanding its operations.
Cicada Plantations offer presents an opportunity for the entity to expand its operations into the forestry and nut production industries and provide new revenue streams and diversify its operations
In an update, Border Timbers Limited said shareholders approved the resolutions granting Cicada Plantations Zimbabwe to acquire up to 100 percent of the issued share capital.
According to the update, the termination of Border Timbers ZSE listing is set for 3 November.
Makandi Estates is a privately held agricultural concern that produces macadamia nuts and avocados. CPZ has a huge presence in the Manicaland region as it cultivates over 1 000 hectares of macadamia at its two estates, a lucrative business with potential to earn the country millions in foreign currency.
Macadamia nuts are high in healthy fats and are used to lessen the risk of heart disease, improve metabolic syndrome and diabetes and also prevent cancer.
The macadamia tree is a member of the proteaceae family.
The three commercially significant macadamia species are macadamia integrifolia, macadamia ternifolia and macadamia tetraphylla.
CPZ also cultivates 500ha of certified avocados, largely for the European market.
Makandi Estates is a privately held agricultural concern that produces macadamia nuts and avocados.
On the other hand, Border Timbers has a large estate of commercial timber plantations as well as a sawmill and other processing facilities.
It 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.
Online Reporter