Online Reporter
Tapiwanashe Mangwiro
Senior Business Reporter
ZIMBABWE Stock Exchange (ZSE)-listed Tanganda Tea Company shareholders have approved a US$8 million capital raise through a renounceable rights offer to fund value addition, plant upgrades and expansion across the group’s agricultural and beverage operations.
An Extraordinary General Meeting (EGM) of shareholders, chaired by board chairman Herbert Mr Nkala, unanimously endorsed all six resolutions tabled by the board.
The first resolution, passed unanimously, approved an increase in the company’s authorised share capital.
Shareholders resolved to raise the authorised share capital from US$480 000, divided into 400 million ordinary shares, to US$840 000, divided into 700 million ordinary shares, with all new shares ranking equally with existing shares.
“This resolution having been proposed and seconded, I put it to the meeting,” Mr Nkala said during proceedings, before declaring that “the motion is carried unanimously.”
The second resolution authorised Tanganda to raise US$8 million through a renounceable rights offer.
The offer will involve the issue of 263 821 324 new ordinary shares at a subscription price of US$0,0303 per share, based on one new share for every 0,9896 shares already held at the record date of February 23, 2026.
The EGM also approved the placement of any remaining authorised but unissued shares under the control of directors, granting them authority to allot and issue such shares as they deem fit, subject to statutory and listing requirements, until the next annual general meeting.
A special resolution authorised that payment for the rights offer be made exclusively in United States dollars. Mr Nkala noted that while one shareholder voted against the motion, the resolution passed with a clear majority.
Shareholders also approved the appointment of Frutani Beverages Limited as underwriter for the rights offer.
“Would those in favour of approval of Frutani Beverages Limited as underwriter for the rights offer please raise your hands,” Mr Nkala said, before declaring the motion carried.
After the EGM, Tanganda chief executive officer Sharon Kodzanai outlined how the capital raised would be deployed, with a strong emphasis on value addition, beneficiation and long-term brand growth.
“In terms of the two crops, we are looking pretty much at the value addition of the two crops,” Ms Kodzanai said, referring to macadamias and avocados.
She said the company plans to procure a macadamia cracking plant, enabling Tanganda to process nut-in-shell macadamias into kernels for higher value markets.
“This macadamia cracking plant will then allow us to crack the nut-in-shell nuts into kernels and then we will explore the lucrative kernel market,” she said.
On avocados, Ms Kodzanai said Tanganda entered into a joint venture with a Netherlands-based partner in 2025 to pursue avocado oil extraction.
“What we can promise our shareholders is more value addition and beneficiation in sustainable growth of the brand,” she said, adding that the company is targeting both regional and international markets.
Ms Kodzanai also confirmed plans to expand into instant coffee, although these remain in development.
