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*Metro Peech Wholesalers Temporarily Shuts Down* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?tt Metro Peech & Browne Wholesalers (MPBW) has shut down for a month as it prepares to receive a US$13.5 million corporate rescue capital injection to allow stock takes, rebranding and a systems upgrade, reported The Zimbabwe Independent. The company was placed under corporate rescue under Oliver Mtasa of Crowe Advisory (Private) Limited (OMCAPL) in September 2023 after it became technically insolvent. ---------- *Latest itel S24 now available on Pindula* $124 Cash on Delivery in Harare & Bulawayo. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- As of the end of August, the firm had net liabilities of approximately US$12 631 411, against total assets of US$6 071 723. In a statement issued on Tuesday, 07 November, OMCAPL said the closure of the wholesaler came into effect at the start of the month. It said: > This notice serves to advise that with effect from November 1, 2023, to November 30, 2023, all Metro stores across the country will be closed for the following reasons: stock takes, branding, restructuring, restocking of stores, systems upgrade, and renovation and rebranding of stores. > This follows the resolution of the creditors at a properly constituted meeting held in terms of section 143 of the Insolvency Act on the 1st of November 2023 to adopt the corporate rescue plan bringing in a new investor. OMCAPL corporate rescue assistant practitioner Raymond Sibanda told NewsDay that the resolution to close was passed by 98,25% of affected creditors and a new investor called Sub-Sahara Capital Group (SSCG). Sibanda said that a new investor called Sub-Sahara Capital Group will inject US$13.5 million into the company and the investment will cover working capital and payment of creditors. Following the injection of the capital, SSCG will become the majority owner in MPBW. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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