{"id":79368,"date":"2023-06-21T11:13:44","date_gmt":"2023-06-21T09:13:44","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital"},"modified":"2023-06-21T14:33:24","modified_gmt":"2023-06-21T12:33:24","slug":"truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital","title":{"rendered":"Truworths plots new chain stores format, seeks ZW$2,2 billion additional capital"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span><b>By Alois Vinga<\/b><\/p>\n<p>LISTED clothing retailer, Truworths Zimbabwe has tabled plans to unveil a new stores format in response to market dynamics in a bid to fund through a renounceable rights offer which proposes to raise ZW$2,2 billion additional capital.<\/p>\n<p>In a circular sent out to shareholders Tuesday, Truworths company secretary, Brenda Chibanda proposed a renounceable ordinary shares rights offer of 384 067 512 at a price of ZWL$5.80 per rights offer share in a bid to oil the new plans.<\/p>\n<p>A renounceable right is an offer issued by a corporation to shareholders to purchase more shares of the corporation\u2019s stock, usually at a discount.<\/p>\n<p>This offer usually coincides with the company\u2019s decision to issue a new round of stock, which would dilute the shareholders\u2019 equity in the company.<\/p>\n<p>\u201cThe rationale for the transaction is to sustain the viability of the business, raise additional capital, at a sustainable cost in light of the high interest rate environment.<\/p>\n<p>\u201cThere are also plans to reduce borrowings, open new format Truworths Chain stores and improve the product assortment,\u201d Chibanda said.<\/p>\n<p>The Renounceable Rights Offer contemplated is subject to approval from Zimbabwe Stock Exchange (ZSE) of the proposed transaction; approval of the Transaction by the Exchange Control department at the Reserve Bank of Zimbabwe (RBZ) for the issuance of shares to non-resident shareholders among other conditions.<\/p>\n<p>\u201cIf the Renounceable Rights Offer is not implemented as outlined in this circular, the Company will be unable to effectively sustain its operations and growth.<\/p>\n<p>\u201cThe Company will face severe cash flow constraints, high finance costs, and reduced working capital,\u201d she said.<\/p>\n<p>The company has been facing a tough operating environment lately due to massive erosion of local currency disposable incomes.<\/p>\n<p>In the period ending January 8 2023, the group\u2019s current assets closed at ZWL483 million against current liabilities of ZWL 974 million, putting the Company\u2019s going forward concerns at risk.<\/p>\n<p>This means the Company\u2019s current assets cannot service its obligations to debtors as they fall short by 50%.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. By Alois Vinga LISTED clothing retailer, Truworths Zimbabwe has tabled plans to unveil a new stores format in response to market dynamics in a bid to fund through a renounceable rights offer which proposes to raise ZW$2,2 billion additional capital. In a circular sent out to shareholders Tuesday, Truworths company secretary, Brenda [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":79367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":{"0":"post-79368","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Truworths plots new chain stores format, seeks ZW$2,2 billion additional capital - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga LISTED clothing retailer, Truworths Zimbabwe has tabled plans to unveil a new stores format in re ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Truworths plots new chain stores format, seeks ZW$2,2 billion additional capital\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga LISTED clothing retailer, Truworths Zimbabwe has tabled plans to unveil a new stores format in re ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T09:13:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T12:33:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1687334501.148392.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/truworths-plots-new-chain-stores-format-seeks-zw22-billion-additional-capital\",\"name\":\"Truworths plots new chain stores format, seeks ZW$2,2 billion additional capital - 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