Zimpapers Business Hub
OK Zimbabwe Limited shareholders have unanimously approved the corporate rescue practitioner’s proposal to voluntarily delist the retail giant from the Zimbabwe Stock Exchange (ZSE).
The special resolution was passed during an Extraordinary General Meeting held on November 6, 2026.
OK Zimbabwe operated a network of 77 branches.
The retail giant indefinitely shut down several of its outlets, However, some key branches, including Machipisa and Chisipite, were recently re-opened following a restocking facility backed by CBZ Bank (US$10 million) and BancABC (US$5 million).
Thirty-three branches remain closed pending the turnaround initiatives being pursued.
The company’s corporate rescue practitioner, Mr Bulisa Mbano, now wants to voluntarily delist the company from the ZSE to eliminate public compliance costs, avoid regulatory penalties for missed reporting, and gain the confidentiality and operational freedom needed to restructure debt and assets.
The retailer’s descent into corporate rescue in February 2026 followed a catastrophic contraction in performance – annual revenues plunged by over 52 percent, net losses exceeded US$17 million and legacy supplier debts ballooned to roughly US$37 million.
A fully subscribed US$20 million rights issue failed to restore credit lines in August 2025.
Comprehensive rescue assessments quantified an immediate working capital funding gap exceeding US$30,5 million required to stabilise operations, settle critical liabilities and restock empty store shelves.
Delisting from the ZSE grants management the agility needed to restructure debt, negotiate with creditors away from public scrutiny and fast-track turn-around execution.
Founded in 1942 with its first store opening on First Street in Harare (then Salisbury), OK Zimbabwe grew into a foundational retail institution.
It was later incorporated in 1953, and operated for decades as part of Delta Corporation.
The company was then unbundled and listed independently on the ZSE in October 2001.
Before operational problems set in, the company stood as Zimbabwe’s largest formal supermarket chain, commanding a robust nationwide footprint comprising around 49 flagship OK Stores, eight upscale Bon Marche supermarkets and eight hybrid wholesale-retail OK Mart branches, alongside Food Lovers’ Market outlets and in-house pharmacies.
