Harare–Akribos Wealth Managers, an asset management firm with ties to businessman Kuda Tagwirei, has made a significant investment in OK Zimbabwe Limited, acquiring a total of 16,338,281 shares. This acquisition has positioned Akribos as the tenth-largest shareholder in the supermarket giant, holding a 2% stake.
The shares were purchased through two entities: Akribos Wealth Managers Nominees, which acquired 12,285,281 shares, and Akribos Nominees, which bought 4,053,000 shares. The timing of this substantial investment has sparked speculation of a potential takeover bid, particularly as OK Zimbabwe undergoes major leadership changes.
Strategic Acquisitions Raise Takeover Speculation
Akribos Wealth Managers also holds a significant stake in CBZ Holdings Limited, the parent company of CBZ Bank, where it ranks as the second-largest shareholder with a 23.10% stake. The National Social Security Authority (NSSA) remains the largest shareholder of CBZ with 24.91%, further fueling speculation as NSSA also holds a major interest in OK Zimbabwe. Observers suggest that Akribos, in conjunction with NSSA and other entities such as Datvest Nominees—another firm that recently acquired 3,199,625 OK shares—may be orchestrating a strategic move to gain control of OK Zimbabwe.
OK Zimbabwe’s Financial Struggles and Store Closures
OK Zimbabwe, the country’s largest supermarket chain with 70 stores nationwide, is facing severe financial difficulties. The company has been battling currency volatility, liquidity shortages, high operational costs, and supply chain disruptions. These challenges have led to the closure of several branches across Zimbabwe, including outlets in Chitungwiza, Glen Norah, Kuwadzana Extension, Robson Manyika in Harare, and Entumbane in Bulawayo.
Management Shake-Up Amid Market Movements
The Akribos share purchases came just before a major management shake-up at OK Zimbabwe on 5 February, when the company dismissed CEO Maxen Phillip Karombo and other top executives. The board appointed Willard Zireva, a former veteran CEO, to lead the company. The timing of the leadership changes and large share transactions has raised concerns among shareholders that a covert takeover may be unfolding at a time when the retailer is vulnerable.
In a recent communication to shareholders, OK Zimbabwe expressed concern over the sudden movement of 23 million shares, questioning the motives behind these transactions. The company’s statement highlighted the unusual nature of these large trades, given its ongoing financial struggles and restructuring efforts.
Tagwirei Connection Fuels Market Interest
The involvement of Akribos, a firm linked to Tagwirei, has drawn intense market scrutiny. Tagwirei, a politically connected businessman, has played a major role in Zimbabwe’s financial landscape. Industry analysts speculate that if Akribos, Datvest, and NSSA align their interests, they could successfully consolidate control over OK Zimbabwe. Their combined influence in CBZ Bank and other sectors would further strengthen their position in shaping the future of the supermarket chain.
A Retail Giant at a Crossroads
OK Zimbabwe’s future remains uncertain as it grapples with a challenging economic environment marked by inflation, exchange rate fluctuations, and heightened competition from both formal and informal retailers. As speculation grows over the intentions of Akribos and its affiliated entities, the market remains watchful for any further developments.
Whether these recent share acquisitions signal an impending takeover or a strategic investment, the unfolding events will shape the future of Zimbabwe’s largest supermarket chain. Investors and stakeholders will be closely monitoring the next moves in what could be a pivotal moment for OK Zimbabwe.
