FAQs

Questions

Offer FAQs

Who is Amalgamated Brands?ABL IR Team2026-10-27T09:56:41+02:00

Who is Amalgamated Brands?

Amalgamated Brands Limited is a Zimbabwean group that makes everyday food and consumer products, delivers them, and helps shops sell them. You may not know the company name, but you almost certainly know the brands.

What companies make up the Group?ABL IR Team2026-10-27T09:56:58+02:00

What companies make up the Group?

There are three operating businesses:

Cairns Holdings makes the products;
Cailogistics transports and delivers them; and
Cailo Marketing Services (CMS) handles merchandising and in-store support and provides staffing services to other businesses.

Which brands do you own?ABL IR Team2026-10-27T09:58:02+02:00

Which brands do you own?

They include Spuds, Willards, Chompkins, Charhons, Cashel Valley, Sun Jam, Tip Top and Mukuyu Wines, among others.

Where does the Group operate?ABL IR Team2026-10-27T09:58:17+02:00

Where does the Group operate?

Amalgamated Brands manufactures in Zimbabwe and sells across the country, through supermarkets, independent shops, tuckshops, informal traders, schools, hospitals, mines and caterers.

What does it mean that Amalgamated Brands is to be listed?ABL IR Team2026-10-27T09:59:41+02:00

What does it mean that Amalgamated Brands is to be listed?

It means the company’s shares can be bought and sold by the public on a stock exchange, and the company must publish its results and other important information regularly. Before listing, the Group was privately owned and did not have to do this.

Which stock exchange are you listed on?ABL IR Team2026-10-27T09:59:56+02:00

Which stock exchange are you listed on?

The Victoria Falls Stock Exchange, known as the VFEX, on its Main Board. The VFEX is a Zimbabwean exchange where shares are quoted and settled in United States dollars.

What is your share code?ABL IR Team2026-10-27T10:01:25+02:00

What is your share code?

To be advised once the Company has been listed. You will need this to buy or sell the shares through a stockbroker.

What is your ISIN?ABL IR Team2026-10-27T10:01:44+02:00

What is your ISIN?

To be advised once the Company has been listed. This is an international reference number for the shares, used mainly by brokers and custodians.

In what currency do the shares trade?ABL IR Team2026-10-27T10:04:43+02:00

In what currency do the shares trade?

United States dollars. Dividends are also declared and paid in United States dollars.

How many shares are there?ABL IR Team2026-10-27T10:05:00+02:00

How many shares are there?

196,362,098 ordinary shares following the Offer. Every share carries the same rights.

What is the Offer?ABL IR Team2026-10-27T10:05:17+02:00

What is the Offer?

Amalgamated Brands is offering shares to the public for the first time, ahead of listing on the VFEX. The full terms are in the prospectus, which you can download from this page. Please read it before deciding anything.

How much does one share cost?ABL IR Team2026-10-27T10:08:20+02:00

How much does one share cost?

USD 0.35 per share. This price is fixed — every applicant pays the same price, whether they apply for a hundred shares or a million.

What is the smallest amount I can apply for?ABL IR Team2026-10-27T10:09:22+02:00

What is the smallest amount I can apply for?

100 shares, which is USD 35. You can apply for more in multiples of that.

How do I apply?ABL IR Team2026-10-27T10:09:38+02:00

How do I apply?

Complete the application form that comes with the prospectus and submit it, with payment in full, through one of the sponsoring stockbrokers or the receiving bank. The brokers are Imara Edwards Securities, Morgan & Co and Old Mutual Securities. The receiving bank is First Capital Bank.

When does the Offer close?ABL IR Team2026-10-27T10:10:16+02:00

When does the Offer close?

At 12:00 on 30 November 2026. Applications received after that time will not be accepted.

Will I pay brokerage or fees to apply?ABL IR Team2026-10-27T10:11:06+02:00

Will I pay brokerage or fees to apply?

No brokerage or trading levies are payable by applicants in the Offer. Investors who buy shares on the market after listing will pay normal brokerage and levies.

What happens if the Offer is oversubscribed?ABL IR Team2026-10-27T10:11:45+02:00

What happens if the Offer is oversubscribed?

If applications exceed the shares available, applications will be scaled down. That means you may receive fewer shares than you applied for. Any money for shares you do not receive is refunded to you, with the interest earned on it.

When will I know how many shares I got?ABL IR Team2026-10-27T10:12:07+02:00

When will I know how many shares I got?

The results of the Offer are expected to be announced on 2 December 2026, with shares allocated on 3 December 2026 and trading starting on 7 December 2026.

Will I get a share certificate?ABL IR Team2026-10-27T10:12:32+02:00

Will I get a share certificate?

No. Shares are held electronically. Instead of a paper certificate, your shares are recorded in an account in your name. This is normal for listed shares and it is safer than paper.

What is a CSD account and do I need one?ABL IR Team2026-10-27T10:14:52+02:00

What is a CSD account and do I need one?

CSD stands for Central Securities Depository — the electronic register where share ownership is recorded. You need an account there to hold or trade the shares. Your stockbroker can open one for you. If you do not already have one, open it before the shares begin trading.

How do I buy shares?ABL IR Team2026-10-27T10:15:21+02:00

How do I buy shares?

Through a licensed stockbroker. You open an account with the broker, deposit funds, and instruct them to buy. The broker places the order on the VFEX on your behalf. You cannot buy shares directly from the company.

How do I sell?ABL IR Team2026-10-27T10:15:52+02:00

How do I sell?

The same way — instruct your stockbroker to sell. How quickly a sale happens depends on whether there is a buyer at your price.

What will it cost me to trade?ABL IR Team2026-10-27T10:16:10+02:00

What will it cost me to trade?

Your broker charges commission, and there are exchange and regulatory levies. Ask your broker for their fee schedule before you trade. These costs are not set by Amalgamated Brands.

Can I buy if I live outside Zimbabwe?ABL IR Team2026-10-27T10:20:36+02:00

Can I buy if I live outside Zimbabwe?

Yes. The VFEX is open to foreign investors, trades in United States dollars, and allows foreign investors to take their money out under the applicable exchange control rules. Speak to your broker and your own adviser about the rules that apply where you live.

Where can I see the share price?ABL IR Team2026-10-27T10:21:13+02:00

Where can I see the share price?

On the Share Price page of this Investor Centre, and on the VFEX website. Prices shown on this website may be delayed.

Is there a minimum number of shares I must buy on the market?ABL IR Team2026-10-27T10:22:05+02:00

Is there a minimum number of shares I must buy on the market?

No. After listing you can buy as few or as many shares as your broker will trade for you, subject to their own minimums.

Will Amalgamated Brands pay a dividend?ABL IR Team2026-10-27T10:24:11+02:00

Will Amalgamated Brands pay a dividend?

The Board intends to pay dividends, targeting between 30% and 40% of profit after tax over time. In the first years the Group is also investing heavily in new production capacity, so early dividends are expected to be at the lower end of that range. A dividend is never guaranteed — it is decided by the Board each year based on profits, cash and investment needs.

How often will dividends be paid?ABL IR Team2026-10-27T10:24:30+02:00

How often will dividends be paid?

The Company expects to declare a final dividend after each financial year end, and may also declare an interim dividend during the year.

How will I receive my dividend?ABL IR Team2026-10-27T10:24:45+02:00

How will I receive my dividend?

Into the bank account you have registered with the transfer secretary. Keep those details up to date — this is the most common reason shareholders do not receive their money.

In what currency are dividends paid?ABL IR Team2026-10-27T10:25:06+02:00

In what currency are dividends paid?

United States dollars.

What tax do I pay on dividends?ABL IR Team2026-10-27T10:25:26+02:00

What tax do I pay on dividends?

For investors resident in Zimbabwe, dividends from VFEX-listed shares are currently exempt from dividend withholding tax. For non-resident investors a concessionary rate of 5% currently applies, compared with 10% for shares listed on the Zimbabwe Stock Exchange and 15% for unlisted shares.

What about tax when I sell?ABL IR Team2026-10-27T10:25:46+02:00

What about tax when I sell?

Gains on the sale of VFEX-listed securities are currently exempt from capital gains tax, and foreign investors are exempt from the capital gains withholding tax that applies elsewhere.

Is this tax advice?ABL IR Team2026-10-27T10:26:07+02:00

Is this tax advice?

No. Tax rules change and your position depends on your own circumstances. Please speak to your own tax adviser. Amalgamated Brands cannot give tax advice.

Who keeps the shareholder register?ABL IR Team2026-10-27T10:26:38+02:00

Who keeps the shareholder register?

The transfer secretary, Corpserve. They handle shareholder records, dividend payments and changes to your details.

How do I change my address or bank details?ABL IR Team2026-10-27T10:27:00+02:00

How do I change my address or bank details?

Contact the transfer secretary directly. For your protection they will ask you to confirm your identity.

What happens to the shares if a shareholder dies?ABL IR Team2026-10-27T10:27:19+02:00

What happens to the shares if a shareholder dies?

The shares form part of the estate and pass to the beneficiaries. The executor should contact the transfer secretary, who will explain the documents required.

Do I get to vote?ABL IR Team2026-10-27T10:27:34+02:00

Do I get to vote?

Yes. Every ordinary share carries one vote. Shareholders are invited to the annual general meeting and may vote on the matters put to it, in person or by proxy.

When does Amalgamated Brands report its results?ABL IR Team2026-10-27T10:28:00+02:00

When does Amalgamated Brands report its results?

The financial year ends on 31 December. Half-year and full-year results are published after each period. Results are released through the VFEX and posted on this page.

Where do I find the annual report?ABL IR Team2026-10-27T10:28:28+02:00

Where do I find the annual report?

On the Documents page of this website, as soon as each one is published.

Who audits the accounts?ABL IR Team2026-10-27T10:28:58+02:00

Who audits the accounts?

BDO Zimbabwe Chartered Accountants, from the financial year ending 31 December 2026.

How will I hear about important announcements?ABL IR Team2026-10-27T10:29:29+02:00

How will I hear about important announcements?

Announcements are released through the VFEX first, and then posted here.

Are Amalgamated Brands shares a good investment?ABL IR Team2026-10-27T10:22:51+02:00

Are Amalgamated Brands shares a good investment?

We cannot answer that, and you should be cautious of anyone who does. Whether any share suits you depends on your own circumstances, how long you intend to invest and how much risk you can take. Please read the company’s published information and speak to a licensed financial adviser before deciding.

What will the share price do?ABL IR Team2026-10-27T10:23:10+02:00

What will the share price do?

Nobody knows, and we will not speculate. Share prices go down as well as up, and you may get back less than you invested.

Can you tell me whether to buy, hold or sell?ABL IR Team2026-10-27T10:23:36+02:00

Can you tell me whether to buy, hold or sell?

No. Amalgamated Brands is not a financial adviser and cannot give advice to shareholders or prospective shareholders. Please speak to a licensed adviser.

Who do I contact with a question?ABL IR Team2026-10-27T09:59:07+02:00

Who do I contact with a question?

For questions about your shareholding, dividends or your personal details, contact the transfer secretary, Corpserve, at 2nd Floor, ZB Centre, corner First Street and Kwame Nkrumah Avenue, Harare. Telephone: +263 242 751 559-61 Email: corpserve@escrowgroup.org

For all other investor queries, contact Rumbidzai Manjengwa, Amalgamated Brands Limited, 1 Upton Road, Ardbennie, Harare. Telephone: +263 8677 009 849/50 Email: enquiries@abrands.co.zw

Lodge your application

Corpserve Registrars Private Limited

Transfer Secretaries

2nd Floor, ZB Centre, Cnr First Street and Kwame Nkrumah Avenue, Harare

corpserve@escrowgroup.org

Questions and new VFEX accounts

MMC Capital Advisory (Private) Limited

Financial Adviser and Lead Sponsor

Block A, Swan Corner, 22 Arundel Road, Alexandra Park, Harare

advisory@mmccapitalzim.com

Co-Sponsoring Brokers

Imara Edwards Securities (Pvt) LtdBlock 2, Tendeseka Office Park, Samora Machel Avenue, Harare
Morgan & Co (Pvt) LtdFirst Floor, Block D, Smatsatsa Office Park, Borrowdale, Harare
Old Mutual Securities (Pvt) Ltd100 The Chase (West), Emerald Hill, Harare

How to apply

Five steps, by 12:00 CAT on 30 November

Read the Prospectus
Read it in full, in particular the risk factors in Section 9. The Prospectus dated 14 October 2026 is the only basis on which you can apply.
Download the Prospectus
Have a CSD account
Shares are issued electronically only, to a VFEX account held with a CSD participant or stockbroker. If you don't have one, MMC Capital Advisory will help you open it.
Contact MMC or a broker
Complete and sign the Application Form
Download the PDF Application Form. Fill in Part A (the Application Form) and Part B (the Application and Offer Agreement) on screen or by hand, then print it. Apply for at least 100 shares (US$35), in multiples of 100. Sign both parts in ink and have Part B witnessed. Photocopied or faxed forms are not accepted.
Download the Application Form
Pay and lodge by 12:00 on Monday 30 November 2026
Pay the full amount in cleared US dollars to the Corpserve Registrars IPO account shown in Section 7 of the form, quoting your payment reference. Email the signed form to Corpserve Registrars, copying MMC Capital Advisory, and lodge the original with proof of payment and your KYC documents at Corpserve or through a Co-Sponsoring Broker. Applications cannot be withdrawn once lodged.
Receive your shares
Results of the Offer are expected on Thursday 3 December 2026, with allocated shares credited to CSD accounts on Friday 4 December 2026. Trading on the VFEX is expected to start on Monday 7 December 2026.

Application calculator

Number of shares

Or the amount you want to invest (US$)

Application Amount at US$0.35 per share

US$350.00

Indicative only. Minimum 100 shares, then multiples of 100. If the Offer is oversubscribed you may be allocated fewer shares, and any balance is refunded.

Offer documents

Download Prospectus

Application Form

Applications are made only on the PDF Application Form: complete it, print it and sign it in ink. Photocopied or faxed forms are not accepted.

Questions

Offer FAQs

How to apply

Five steps, by 12:00 CAT on 30 November

Offer documents

Investor Relations

The Offer

Company

Investors

Advisors