Debt-stricken Cottco moves to delist from ZSE
Debt-stricken Cottco Holdings Limited is seeking shareholder approval to delist from the Zimbabwe Stock Exchange (ZSE) as part of efforts to facilitate the troubled company’s recovery. The company has been grappling with mounting arrears, including legacy debts and multi-million-dollar obligations. Its tracked debts stand at approximately US$6.6 million, comprising US$3.6 million in local debt, alongside historical loan allocations and controversy surrounding the utilisation of US$25 million allocated towards loan takeovers and settling previous obligations. A circular to shareholders signed by Grant Thornton Corporate Rescue Practitioners Farai Chibisa and Ian Mtetwa indicates that the proposed delisting is in line with the company’s strategic recovery path. “Trading in the Company’s ord…