Listed piping products manufacturer, Proplastics is set to holds its 10th Annual General Meeting (AGM) at Hyatt Regency The Meikles Hotel in Harare on Thursday, 11 June 2025 at 10.00 hours where it will seek shareholder approval through a special resolution for a share buy back of the company’s ordinary shares.
This was revealed in a notice to shareholders for the convening of the AGM.
The share buy back is in terms of Article 60 of the company’s Articles of Association and section 129 of the Companies and Other Business Entities Act (Chapter 24:31), and the Zimbabwe Stock Exchange Listing requirements which allows a company to purchase its own ordinary shares upon such terms and conditions as the Directors may from time to time determine.
The maximum number of shares available for buy back will not exceed 10% in a financial year and the approval will expire at the next AGM. The price of shares the to be acquired will not be more than 5% (five percent) above nor 5% (five percent) below the weighted average of the market price at which such ordinary shares are traded at the Zimbabwe Stock Exchange as determined over the 5 (five) business days immediately preceding the date of the purchase of such ordinary shares by the Company. The repurchased shares will be cancelled.
At the AGM the company will consider ordinary business which include the approval of financial statements and reports, election of directors, external auditors appointment and compensation and approval of directors fees for the year ended 31 December 2024.
The company seeks to declare a final dividend of US 0.12 cents per ordinary share in the capital of the Company.
The company’s performance last year saw its profit after tax more than doubling to US$1,2 million, on the back of stringent overhead management. The profit after tax increased from US$519,877 in the prior year.
The first quarter ended March 2025 recorded volumes growth of 11% despite liquidity challenges bedeviling the economic environment. Revenue grew by 3% to US$4,263 million (ZWG 114,078 million) against US$4,123 million (ZWG 110,331 million) achieved in the prior period without any export contribution recorded in the quarter.
