Financial Gazette (Harare)
Staff Reporter
6 March 2008
Harare — ZIMPLOW Limited, whose operations have in the recent past been devastated by a depressed agricultural sector, has declared a special interim dividend after an improvement in performance.
In a dividend declaration issued last week, the Zimplow board of directors said: "Notice is hereby given that your group has recently experienced improved trading conditions from both the local and export markets. It is against this background that on 22 February 2008, the board declared a special interim dividend of $471.41 per share, payable out of profits of the company for the first quarter of the year ended June 2008."
The dividend will be payable to shareholders registered in the books of the company at the close of business on March 14, 2008.
Zimplow, which recently added CT Bolts to its portfolio of businesses after consummating the acquisition in April 2006, had traditionally been a manufacturer of ploughs for the local and regional markets.
Its ploughs business, which had suffered significantly on the domestic market due to a downturn in agriculture triggered by a chaotic land redistribution exercise, has recently received a boost from the government's farm mechanisation programme.
Export profitability had also been greatly limited by an exchange control regime that resulted in loses on foreign currency holdings disposed on the official market.
The acquisition of CT Bolts, a fastener distribution business serving the local market, had meanwhile resulted in an improvement of cash flows for the company, although this unit also depended on a thriving agricultural sector.
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