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Turnall raises US$8m through rights offer

Staff Writer

Turnall Holdings Limited has raised the equivalent of US$8m from current shareholders for expansion plans.

Lizzy Samunda, the company secretary for Turnall Holdings Limited, confirmed the development in a notice to shareholders and the investing public.

“At the time when the Turnall Holdings Limited rights offer circular was published on 16 June 2023, US$8m  was equivalent to ZWL$47 824 909 876 but with the strengthening of the ZWL during the period of the rights offer the equivalent ZWL amount became ZWL$36 456 000 000 by the time of the closing of the rights offer on 16 August 2023,” Samunda said.

She added: “The rights offer raised an amount of ZWL$36 947 466 150,23. The rights offer has raised the ZWL equivalent of US$8m  and the company has accordingly not required the underwriter to subscribe for any shares in the company. The company has agreed with the underwriter for no underwriting fees to be paid.”

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