TRUWORTHS LIMITED, along with its subsidiaries Topics Stores (Private) Limited and Bravette Manufacturing Company (Private) Limited, has been voluntarily delisted from the Zimbabwe Stock Exchange (ZSE) with effect from July 22, 2025.
The ZSE announced the termination of listing today following the company’s placement under corporate rescue and a subsequent resolution passed by its shareholders.
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The corporate rescue proceedings for Truworths Zimbabwe Limited and its subsidiaries (collectively referred to as “Truworths” or “the company”) commenced on August 7, 2024, in terms of Section 122 of the Insolvency Act [Chapter 6:07].
During this period, the company remained listed on the Zimbabwe Stock Exchange under voluntary suspension, a status intended to persist until its exit from corporate rescue.
Under Section 126 of the Insolvency Act, a moratorium on legal proceedings was put in place during corporate rescue.
This means that no legal action, including enforcement, could be commenced or continued against the company, or about any property belonging to or lawfully in its possession, without the express authority of the corporate rescue practitioner.
The initial steps in the corporate rescue process included a first meeting of creditors, held on August 28, 2024, at the Master of High Court’s offices in Harare.
The agenda for this crucial meeting included an overview of the corporate rescue proceedings, a statement from the Master of High Court regarding the reasonable prospect of rescuing the company, the proof of claims by creditors and the appointment of a committee of creditors.
Following the adoption of the corporate rescue plan on November 20, 2024, a shareholders’ meeting for Truworths Zimbabwe (under corporate rescue) was convened on February 25, 2025.
The primary objective of the meeting was to implement Section 10 of the corporate rescue plan.
Specifically, this involved Valfin Investments taking up shareholding for US$1 (One United States dollar), the delisting from the Zimbabwe Stock Exchange, the resignation of the current board and appointment of a new board, as well as an update on the approval of Valfin as an investor into Truworths, thereby facilitating the merger of the two businesses.
The resolution for the voluntary termination of Truworths’ listing on the ZSE was formally passed by shareholders on February 20, 2025, aligning with Section 11 of the ZSE Listing Requirements.
Subsequently, as required by Section 64 (1) (a)(i) of the Securities and Exchange Act [Chapter 24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (SECZim) to officially delist Truworths from its official list.
As a direct consequence of this delisting, and per Section 15 (d) of the ZSE Listing Requirements, holders of Truworths’ securities were advised that their securities would no longer be traded on the ZSE, effective from July 22, 2025.
