Nyashadzashe Ndoro
Chief Reporter
British American Tobacco Zimbabwe (Holdings) Limited has announced plans to extend the mandate of its audit firm, KPMG, for an additional 12 months.
The decision, which is subject to shareholder approval at the 2025 Annual General Meeting, is a response to recent currency changes in Zimbabwe.
According to the company, these currency changes have necessitated a recalibration of its route-to-market model, prompting the need to extend KPMG's tenure.
The new structured currency, the Zimbabwe Gold (ZWG), backed by gold and foreign currencies, was launched on 5 April 2024.
"The Board of Directors of British American Tobacco Zimbabwe (Holdings) Limited ('the Board') advises all its stakeholders that British American Tobacco Zimbabwe (Holdings) Limited ('the Company') seeks to extend the mandate of its audit firm, KPMG, beyond 10 (ten) years for an additional 12 (twelve) months until the conclusion of the Company's 2026 Annual General Meeting.
This extension is informed by the recent currency changes in Zimbabwe, which necessitated a recalibration of the Company's route-to-market model," stated Mirirai Washaya, the Acting Company Secretary, in a notice to the investing public.
The Zimbabwe Stock Exchange has already granted approval for the extension, pending shareholder endorsement.
The extension will see KPMG continue to serve as the company's audit firm until the conclusion of the 2026 Annual General Meeting.
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