MedTech Holdings Limited, a Zimbabwe Stock Exchange (ZSE) listed fast moving consumer goods company, is set to change its name to BridgeFort Capital.
This follows resolutions unanimously passed at an extraordinary general meeting (AGM) of the company held on Monday this week, which altered the capital structure of the company.
The company said in a statement that the endorsement of all resolutions put to the meeting on Monday would result in the creation of Zimbabwe’s first listed private equity company — BridgeFort Capital Limited.
“The passed resolutions result in various changes in the capital structure of the listed entity as well as a name change from MedTech Holdings Limited to BridgeFort Capital Limited.
“One of the key changes is the creation of 4 new classes of shares, where the Class A Preferred Shares will represent the investment BridgeFort has in MedTech’s current businesses — predominantly MedTech Distribution as well as Chicago Cosmetics.
“Class A and Class B shares will be listed on the ZSE with BridgeFort management canvassing the corporate landscape for private equity opportunities to bring into class B.
“It is envisaged that additional share classes will be listed in future. This innovative structure will allow investors to access previously unlisted investments and will expand the diversity on the Zimbabwe Stock Exchange (ZSE),” the company said.
For businesses seeking capital, BridgeFort will provide a much-needed equity option for such entrepreneurs. The structure also allows for lower compliance costs per class of shares whilst maintaining high standards of governance.
BridgeFort is led by Vernon Lapham, former partner of Ernst & Young, an ICAZ Duff Award winner, former Olympian with many years’ experience in corporate finance and advisory.
The BridgeFort board will also include Dr Christian Beddies, past International Monetary Fund (IMF) country representative to Zimbabwe, as well as seasoned business and investment professionals, William Marere, Oliver Lutz, and Pride Masamba.
MedTech Holdings, which was listed on the Zimbabwe Stock Exchange in 1997, is a diversified group of companies engaged in the manufacturing, marketing and distribution of health, hygiene, beauty, and pharmaceutical products.
The Group consists of retail, manufacturing, distribution, and services business units.
Retail comprises retail outlets in Harare and Bulawayo. The division has 2 400 lines and specialises in gifts, books, crafts, toys, kitchenware, home décor, furniture and wedding/festivals supplies.
Manufacturing comprises a unit based in Ruwa near Harare engaged in the manufacture of well-known Petroleum Jelly and Glycerine Products.
The distribution division distributes the product and also imports significant volumes of personal hygiene products.
MedTech Medical and Scientific Division sources local and imported pharmaceuticals and distributes these to customers in the healthcare sector. The Services unit is focused on the maintenance of hospital and laboratory equipment.