MUTARE – Zimbabwe’s largest tea producer Tanganda Tea Company Limited has issued a further cautionary announcement, informing shareholders and the investing public that the company’s proposed capital raise through a Renounceable Rights Offer remains under consideration.
According to the notice released on Monday, the planned capital raise aims to secure approximately US$8 million, with the offer extended to existing ordinary shareholders in proportion to their current holdings.
The company stated that it is finalising the preparation of a circular to shareholders, which will include a notice to convene an Extraordinary General Meeting (EGM) to deliberate and approve the proposed capital raise.
Tanganda cautioned that, if successful, the transaction could have a material effect on the company’s share price. Shareholders were therefore advised to continue exercising caution when trading in the company’s shares until a full announcement is made.
“The Company is currently finalising the preparation of a Circular to shareholders incorporating notice to convene an Extraordinary General Meeting (EGM) of members for the purpose of considering and approving the capital raise.
“The Transaction, if successful, may have a material effect on the Company’s share price. Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s shares until a full announcement is made,” read part of the statement which was signed by Company Secretary Sharon Kodzani on behalf of the Board.
Headquartered in Mutare, Zimbabwe, Tanganda Tea Company Limited is one of the country’s most prominent agro-manufacturing firms and Zimbabwe’s largest producer, packer, and distributor of tea, coffee, and macadamia nuts.
Established in 1924, the Zimbabwe Stock Exchange listed company operates within the agriculture, food, and beverage industry, with activities spanning tea and coffee production, macadamia and avocado farming, and beverage manufacturing and distribution.
Tanganda manages some of the largest macadamia and avocado plantations in Zimbabwe and exports premium agricultural products to key international markets.
It has built a reputation for quality, sustainability, and innovation, maintaining Rainforest Alliance certification and adhering to ISO 9001:2015 and ISO 22000 standards.
The company also champions Environmental, Social, and Governance (ESG) principles, with initiatives such as solar power integration, water conservation projects, and community development programmes supporting rural livelihoods.
