Shareholders of OK Zimbabwe have approved a proposal to delist the retailer from the Zimbabwe Stock Exchange (ZSE), marking a significant step in the company’s ongoing corporate rescue programme. The resolution was passed unanimously at an extraordinary general meeting held on November 6, 2026, with shareholders endorsing the recommendation put forward by rescue practitioner Bulisa Mbano.
The proposed delisting remains subject to approval by the ZSE Listings Committee. If sanctioned, OK Zimbabwe’s shares will be removed from the official board, ending the company’s approximately 25-year presence on the local bourse following its listing in October 2001 after its separation from Delta Corporation.
Mbano said the decision forms part of a broader turnaround strategy aimed at restoring the retailer to financial stability. He argued that maintaining a stock exchange listing imposed significant compliance costs and disclosure obligations at a time when the company requires greater flexibility to negotiate with lenders, suppliers and other creditors. Delisting, he said, would reduce regulatory expenses, limit the risk of penalties associated with reporting delays and allow management to concentrate on restructuring operations.
OK Zimbabwe entered voluntary corporate rescue in February 2026 after a prolonged period of financial distress. The company recorded a sharp decline in turnover, which fell by more than half, while losses exceeded US$17 million. Supplier obligations rose to about US$37 million, and rescue assessments estimated that more than US$30.5 million was needed to stabilise operations, address urgent financial commitments and replenish stock levels.
The retailer, which once operated 77 outlets nationwide, was forced to close a number of branches as trading conditions deteriorated. However, efforts to revive the business have gathered momentum following the securing of US$15 million in restocking support from CBZ Bank and BancABC. The funding enabled the reopening of the Machipisa and Chisipite stores, although 33 branches remain closed as restructuring efforts continue.
The company believes operating outside the public market will provide greater scope to engage creditors confidentially, renegotiate debt obligations and accelerate implementation of the recovery plan. The shareholder approval is therefore seen as a key milestone in the retailer’s efforts to restore operations and return the business to sustainable profitability.
