Mashonaland Holdings Limited is seeking shareholder approval for a proposed share buy-back scheme as part of resolutions set to be tabled at the company’s 59th Annual General Meeting scheduled for June 18, 2026.
According to the AGM notice, the meeting will be held both virtually and physically at the company’s boardroom in Harare.
“Subject to the provisions of the Companies and Other Business Entities Act [Chapter 24:31], the Zimbabwe Stock Exchange Listing Rules and Article 51 of the Company’s Substituted Articles of Association, the Directors be and are hereby authorised, subject to shareholder approval, to implement a share buy-back scheme under which the Company may purchase its own shares,” reads part of the notice.
The proposed scheme would allow Mashonaland Holdings to repurchase up to 10 percent of its issued ordinary share capital in any financial year.
The company said the buy-back price “may not be made at a price greater than 5% above or 5% below the weighted average of the market price for the ordinary shares for the five business days immediately preceding the date on which the repurchase transaction is effected.”
Mashonaland Holdings further stated that the repurchased shares “may be retained as treasury shares.”
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Shareholders will also vote on the confirmation of a final dividend of US$266,000, translating to 0.01576 US cents per share for the financial year ended December 31, 2025.
The notice states that the dividend will be payable “in respect of 1,687,584,009 ordinary shares in issue.”
On the board changes, the company noted that Mrs. Patronella Musarurwa will retire by rotation and “will not be standing for re-election.”
Meanwhile, Eng. Grace Bema and Ms. Tandiwe Masunda will retire by rotation but have offered themselves for re-appointment.
The AGM will also consider the appointment of Axcentium as external auditors for the ensuing financial year after the firm served as the company’s auditors for the past two years.
Shareholders entitled to attend and vote at the meeting may appoint proxies in line with the Companies and Other Business Entities Act.
Mashonaland Holdings said shareholders joining virtually would receive an electronic link through ZB Transfer Secretaries.
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