Oliver Kazunga, Senior Business Reporter
DAIRIBORD Holdings Limited has increased shares for its employee share ownership trust to 17,9 million from 10 million after the group’s shareholders passed the resolution at the Annual General Meeting in Harare last week.

Sometime last month, Dairibord announced that its directors were seeking permission at the AGM to approve the reservation of 7 900 043 ordinary shares out of the authorised unissued share capital.

The move was such that the number of shares held by the trust in the company increases from 10 million shares to 17 900 043 shares.

In an update on the results of the AGM held on June 30, the group advised that:

“The resolution on the employee share trust has been passed.”

The group established the DZL Holdings Employee Share Trust in April 2005. The trust was granted a loan amounting to $10 million by the company to acquire 10 million shares (constituting approximately 3,15 percent of the total issued share capital of the company at the time of establishment.

The trust is run by a board of trustees, which acts in terms of the Trust Deed rules and also on the directives of the directors of the firm.

Meanwhile, DZL announced recently in a financial statement for the year ended December 31, 2019 that it recorded a 100 percent surge in foreign currency earnings to US$3,4 million.

The company attributed the positive performance to the continued implementation of a robust export strategy.

During the prior year, turnover improved by 60 percent to ZWL$1,115 billion driven by growth in exports and necessary product price adjustments. Sales volumes dropped by 17 percent against an industry average of 23 percent for the manufacturing sector. — @okazunga