Business Reporter
RETAIL chain OK Zimbabwe intends to delist from the Zimbabwe Stock Exchange (ZSE) to bypass the rigorous scrutiny and continuous disclosure obligations required under the country’s stock exchange listing rules.
The company was placed under voluntary corporate rescue on February 24, 2026 and the trading of its ordinary shares on the ZSE has been suspended since.
Mr Bulisa Mbano of Grant Thornton was appointed as the Corporate Rescue Practitioner to revive the business.
OK Zimbabwe was listed on the ZSE in October 2001 following its unbundling from Delta Corporation.
According to a circular issued by the company, the voluntary delisting aims to cut public compliance costs, handle confidential creditor negotiations and implement restructuring and recapitalisation tasks.
The move will also shield the company from regulatory penalties due to a failure to meet ongoing obligations, such as the timely submission of audited financial statements.
An Extraordinary General Meeting is scheduled for November 6, 2026, where shareholders will vote on the special resolution to delist and the ordinary resolution empowering the CRP to implement it.
The special resolution requires approval by at least 75 percent of votes cast by eligible shareholders (excluding controlling shareholders and their associates).
If approved, the delisting is expected to take effect on November 10, 2026. Founded and expanded over decades as a household staple in Zimbabwe, OK Zimbabwe operates a nationwide network of 60 stores.
The group encompasses three primary retail brands: mass-market OK stores, upmarket Bon Marché supermarkets, and hybrid wholesale-retail OK Mart mega-stores.
The company previously raised fresh capital through a rights issue in July 2025, but severe macroeconomic headwinds and operational constraints ultimately forced the board to place the company into voluntary corporate rescue in February 2026.
Following the delisting, shareholders will retain their registered shares and associated rights under company law, but they will no longer be able to buy or sell shares on a regulated market.
Transfers will have to occur off-market through transfer secretaries and no exit offer or cash consideration will be provided to minority shareholders.
