Border Timbers said on Monday it had received an offer from Cicada Plantations Zimbabwe (CPZ), which seeks to acquire 100% of its issued share capital and a majority stake in Makandi Estates Limited, a complementary agricultural concern, in exchange for CPZ shares.
The company has three divisions: forestry, sawmilling, and manufacturing.
The forestry division manages a total of five estates. Tilbury, Charter and Sawerombe are in the Chimanimani area to the south of Mutare town, while Imbeza and Sheba are to the north in the Pennalonga area.
Logs harvested by the division are processed at the three sawmills, namely, Charter, Tilbury and Sheba.
“The Directors will communicate their recommendation to shareholders in due course,” the company said in a notice to shareholders.
Border Timbers urged shareholders to use prudence while transacting in the company’s securities.
“Further announcements will be made in accordance with regulatory requirements as and when there are material developments.”
Border Timbers reported a 125% growth in revenue to $7,6 million for the nine months ending March 2023 thanks to the consistent quality of the kiln dried timber, resulting in better average selling prices.
The surge in revenue is from a 2022 comparative of $3,4 million.
A high profit before tax of $16,8 million during the period was driven mainly by fair value gains due to biological asset transformation.
Shares of Border Timbers Limited are currently suspended from trading on the Zimbabwe Stock Exchange since the close of trading on Monday, November 12, 2018.
It closed its last trading day (Wednesday, November 7, 2018) at 0.20 ZWL per share on the ZSE.
Of Cicada Plantations Zimbabwe Private Limited…
CPZ is a company based in Zimbabwe that specialises in plantation farming. The company focuses on cultivating and harvesting various crops, such as coffee, tea, and other agricultural products.
Cicada Plantations Zimbabwe Private Limited aims to promote sustainable farming practices and contribute to the economic development of Zimbabwe. They prioritise environmental conservation and social responsibility in their operations.
CPZ strives to be a leading player in the plantation farming sector in Zimbabwe, contributing to the country’s agricultural growth while maintaining sustainable practices – Harare