HARARE – Investigations have commenced at Bindura Nickel Corporation Limited (BNC), a member of Kuvimba Mining House, as part of the company’s reconstruction efforts, following its placement under administration due to operational challenges and debt issues.
According to a notice signed by Simon Masvipe, the company’s Acting Finance Director, the administrator, Mutsa Remba has begun conducting investigations into the operations and finances of the business to recommend a suitable resuscitation plan.
This move is in accordance with the Reconstruction of State-Indebted Insolvent Companies Act (Chapter 24:27) of Zimbabwe.
Masvipe said the administrator will engage with creditors and shareholders throughout the process, ensuring transparency and cooperation.
“Shareholders are hereby informed that the administrator is working on initiatives to meet the requirements of the Reconstruction Act, which include conducting investigations into the operations and finances of the business to recommend the most suitable resuscitation plan going forward.
“The Reconstruction Act sets out processes to be followed to engage with creditors and shareholders and present these findings, as well, in a later course, as a plan for the reconstruction of the company (the ‘Scheme of Reconstruction’).
“Shareholders are advised that the Administrator shall share the proposed dates for the first meetings of creditors and members of the Company and TNML in the next notice to shareholders,” Masvipe noted.
The Reconstruction Order, issued on May 2, 2024, temporarily suspended trade in BNC securities on the Victoria Falls Stock Exchange (VFEX).
The company has been granted a waiver to delay the publication of its Financial Year 2024 Audited Financial Statements until December 31, 2024, to facilitate the investigations.
