AGRI Value Chain Zimbabwe (AVCZ) is set to raise its shareholding in David Whitehead Textile (DWT) after some minority shareholders agreed to dispose of their stake.
AVCZ initially acquired 51 percent stake, which was held by Elgate Holdings in May last year for $5,4 million. Elgate had failed to fully pay for the shares more than a decade after signing a share subscription agreement with DWT. The agreement was terminated in April last year on the basis of "non-performance" by Elgate. The High Court ordered the concession for the purchase of shares be revoked.
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