OK Zimbabwe to hold first creditors’ meeting as rescue process begins

Sikhulekelani Moyo

RETAIL giant OK Zimbabwe will host its first creditors’ meeting on 18 March 2026.

This comes after the company was placed under corporate rescue with effect from 24 February after suppliers stopped extending credit and trading with the retailer.

In an update, OK Zimbabwe said: “Pursuant to the provisions of section 140 of the Insolvency Act [Chapter 6:07], this serves to notify that there shall be a first meeting of creditors for the aforementioned company as follows; date: 18 March, 2026, time: 10:30 AM.”

The board of directors passed a resolution on 23 February 2026 to voluntarily commence corporate rescue proceedings in terms of Section 122 of the Insolvency Act [Chapter 6:07].

Bulisa Phillimon Mbano of Grant Thornton Chartered Accountants (Zimbabwe) has been appointed as the corporate rescue practitioner.

In a sworn affidavit, board chairperson Charles Msipa said despite raising US$20 million through a rights offer approved by shareholders in July 2025, the company’s financial distress has deepened as suppliers have drastically reduced credit extension.

According to OK Zimbabwe, the agenda for the upcoming meeting includes proof of claims, presentation of the practitioner’s preliminary report, presentation of the Master’s statement on the company’s prospects of recovery and consideration of the need to constitute a committee of creditors.

“If you are owed money by the company, for any reason whatsoever, you are required to complete a Claim Form, in duplicate and lodge same with the Office of the Master of the High Court, Master’s House, Cnr H. Chitepo Ave/S. Nujoma St, Harare, by 1530hrs on or before 16 March, 2026,” said the company.

“Kindly be advised that all creditors who would have lodged their claims are required to attend the scheduled meeting; failure to attend shall result in the claim being rejected on the basis of non-attendance.”

The board expressed confidence that the company remains viable, citing valuable assets including buildings, equipment, human capital, customer following and industry knowledge that could be leveraged to achieve a turnaround.

The notice was filed with both the Master of the High Court and the Registrar of Companies on 24 February 2026.
All affected persons — including creditors, employees, trade unions and shareholders — have been formally notified in accordance with statutory requirements.

The corporate rescue practitioner will now investigate the company’s affairs, consult with stakeholders and prepare a restructuring plan aimed at either returning the company to solvency or securing a better return for creditors.
OK Zimbabwe was registered in 1953 under registration number 118/1953.