OK Zimbabwe Limited has raised US$20 million through its renounceable rights offer, which was fully subscribed following strong shareholder participation and underwriting support.
The offer, which ran from July 21 to August 4, 2025, saw shareholders take up 1 410 976 680 shares worth US$15,38 million, representing 76,94% of the total shares on offer.
Underwriters subscribed to the remaining 424 005 893 shares valued at US$4,61 million, fulfilling the terms of the underwriting agreement.
OK owed suppliers US$30,34 million as of February.
The US$20 million capital raise from shareholders is the first part in a two-pronged plan to raise a total of US$30,5 million to pay off creditors and recapitalise the business.
The retailer has put up some of its properties for sale to raise US$10,5 million.
“The rights offer was fully-subscribed through a combination of shareholder take-up and shares taken up by the underwriters in accordance with the underwriting agreement,” OK said.
The retailer expressed appreciation to shareholders for their continued support and to the underwriters for their commitment to the success of the capital raising exercise.
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“Proceeds from the rights offer will be applied towards partial settlement of legacy creditors, supporting the company’s working capital and capital expenditure requirements and unlocking fresh supplier support,” OK said.
OK said it was “currently receiving and evaluating offers for the identified properties, with discussions underway to ensure that any transactions concluded are in the best interests of shareholders and are consistent with the company’s strategic objectives.”
The retailer said the board remained focused on executing the company’s strategic initiatives and delivering value to shareholders.
