Zimplow to sell property for $3.2 million to refocus strategy
Zimbabwean agricultural and mining equipment manufacturer Zimplow Holdings has approved the sale of a commercial property in Harare’s Willowvale Township for $3.2 million to the Hailing Family Trust. The transaction represents the company’s continued effort to liquidate nonessential real estate assets and redirect capital toward higher-yielding business operations following significant financial setbacks.
The diversified group reported a $2.16 million loss during the previous fiscal year, primarily attributed to drought conditions that severely impacted its agricultural equipment division. Management reduced losses by approximately 70 percent through workforce adjustments, supplier negotiations, and earlier property sales that generated $2.75 million for working capital improvements.
Proceeds from the Dagenham Road facility disposal will support inventory management and capacity expansion as the agricultural and mining sectors demonstrate recovery. Shareholders will vote on the sale at an extraordinary general meeting scheduled for December.
