ZECO Holdings (ZECO) says it will continue to pursue new strategic directions in order to preserve and enhance shareholder value.
ZECO’s shareholders recently approved its strategic pivot from a rolling stock company to a residential and commercial property investment and development company at a meeting held on August 17.
“With the country’s economic growth forecast being downgraded to 4,6 percent from 5,5 percent with persistent inflationary pressures and high borrowing costs, the operating environment in the short-term will be restrictive. We expect the new path the company has taken to cushion any negative effects although we expect a slight reduction in activities,” chairman Benjamin Rafemoyo said in a statement accompanying the company’s results for the half-year to June 30
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