MedTech shareholders approve name change in restructuring

Zimbabwe Stock Exchange (ZSE)-listed fast-moving consumer goods dealer, MedTech has rebranded to BridgeFort Capital Limited following a restructuring plan approved by shareholders on Monday.

The approval paved way for the establishment of Zimbabwe’s first listed private equity, BridgeFort, which has attracted leading investment experts to its board, including former International Monetary Fund country representative, Christian Beddies.

“One of the key changes is the creation of four new classes of shares, where the class A preferred shares will represent the investment BridgeFort has in MedTech’s current businesses — predominantly MedTech Distribution as well as Chicago Cosmetics,” the firm said in a statement.

“Class A and class B will be listed on the ZSE with BridgeFort management canvassing the corporate landscape for private equity opportunities to bring into class B. It is envisaged that additional share classes will be listed in future.

“This innovative structure will allow investors to access previously unlisted investments and will expand diversity on the ZSE,” the statement said.

It added that for businesses seeking capital, the firm would provide a much-needed equity option for such entrepreneurs.

“The structure also allows for lower compliance costs per class of share while maintaining high standards of governance,” the statement added.

It said BridgeFort would be led by Vernon Lapham, a former partner at Ernst & Young, an ICAZ Duff award winner and a former Olympian with many years’ experience in corporate finance and advisory.

The statement added that the BridgeFort board would also include seasoned business and investment professionals, William Marere, Oliver Lutz and Pride Masamba. NewsDay