The proposed investor for PG Industries, Dewei Investments says it will pay off the hardware retailer’s shareholders and creditors by end of March, confirming a bailout that has been uncertain after the Indian firm missed the original deadline to make payment.
Dewei was supposed to make the payments by November 30 last year, subject to regulatory approvals after a secondary scheme of arrangement was approved by the High Court on September 28.
Under scheme, Dewei Investment agreed to buy the entire PG Industries’s share register at a cost of $500 000. It also agreed to provide working capital for the struggling retailer.
“Scheme members are advised that Dewei Investments has formally advised the Board that it is working on finalising all outstanding issues by 28 February 2017 and that funds to pay scheme members will be made available by 31 March 2017”, said PGI in a statement.
The company said further updates will be communicated pending finalisation of the transaction.
PGI’s shares were suspended from trading on the local bourse in 2013, with analysts asserting that the company was technically insolvent.- The Source
(73 VIEWS)
This post was last modified on February 13, 2017 2:17 pm
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
