Why Cottco Holdings Limited?

Cottco Holdings Limited is Southern Africa’s leading cotton buying, processing and marketing group

About Cottco Holdings

Cottco Holdings Limited is an agro-industrial group which is incorporated in Zimbabwe.

Cottco Holdings Limited wholly owns The Cotton Company of Zimbabwe Limited (Cottco), which has five ginneries across Zimbabwe. Cottco is the single largest ginner and marketer of cotton in sub-Saharan Africa.

Particularly dominant in Zimbabwe, its 25 outlets in major cotton producing areas have a production capacity of 150 000 tonnes of seed cotton.

Cottco is involved in every facet of cotton production and sales, including but not limited to the provision of agronomic advisory services, production and merchandising of planting seed, supply of chemicals and fertiliser, ginning, warehousing as well as marketing lint and cotton seed in global and local markets.

Cottco also provides free agronomic advice as a service to its farmers.

Cottco’s five ginneries are located strategically in Chiredzi, Chinhoyi, Gokwe, Kadoma and Muzarabani.

An ISO 9001 : 2008 certified organisation

Out-grower Support Scheme

Cottco believes that the commitment of its own funds on an annual basis to provide seasonal finance to smallholder growers provides a sustainable business model for the Group and its communities.

Our contract farming scheme supports between 80,000-130,000 growers in Zimbabwe annually

We provide our farmers with planting seed, chemicals and fertilisers in tranches throughout the rainy season.

Seed cotton deliveries ready to be ginned

Seed cotton deliveries ready to be ginned

Our Group Structure

Cottco Holdings Limited wholly owns The Cotton Company of Zimbabwe Limited (Cottco), Cottco International (Proprietary) Limited, Zambrano Investments (Private) Limited and Exhort Enterprises (Private) Limited whose principal activities are listed below:

Company Principal activities Products Markets
Cottco Ginning of seed cotton and selling of lint and by products of the ginning process Lint, ginned seed, delinted seed and linters Africa, Asia and Europe
Exhort (dormant) Processing of frozen vegetables Frozen carrots, beans, peas, cauliflower, sweet corn, broccoli e.t.c. Africa
Zambrano (dormant) Investment vehicle for inflation hedged assets Quoted shares Zimbabwe
Cottco International Investment company International operations Africa

Latest News and Corporate Announcements

Corporate Announcements

  • corporate-announcements

COTT.zw | Cautionary Statement


The Company’s sole operating subsidiary, namely The Cotton Company of Zimbabwe Limited, which is 100% owned by Cottco Holdings Limited, has applied to the High Court of Zimbabwe for a provisional order placing it under Judicial Management. Further announcements will be made in due course. Shareholders are advised to exercise caution in their dealings in Cottco Holdings Limited.

By order of the […]

  • corporate-announcements

COTT.zw | Further cautionary statement


Further to a cautionary published on 28 August 2014, shareholders are advised that the Directors of Cottco Holdings Limited are still engaged in negotiations for a potential transaction to enhance shareholder value which if successfully concluded, will have a significant impact on its operations and share price.

Shareholders are accordingly advised to exercise caution when dealing in the Company’s securities until a […]

Group News

  • group-news

Launch of our new website


We are pleased to announce the launch of our new corporate and investor relations website www.cottcoholdings.com.

Designed with functionality in mind, our website provides an easy way for customers, stakeholders or investors to contact us and receive a quick response on any queries or needs.

Cottco is renowned for consistently supplying international markets with quality lint for more than 30 years.

Working with many […]

  • group-news

Zimbabwe cotton-subsidy plan a step backward


Aico Africa Ltd. (AICO), sub-Saharan Africa’s biggest cotton merchant and ginner, said Zimbabwe’s cotton subsidy plan is a “backward step” for the industry.

“History is littered with examples of price controls that have not worked,” Chief Executive Officer Patrick Devenish said in an interview yesterday in Harare, the capital. “They will be good for the industry as a whole but I am […]

  • group-news

Cottco boosts input credit scheme to farmers


THE Cotton Company of Zimbabwe has expanded by 30 percent its farmers’ input credit scheme for the 2011/12 cropping season as it seeks to boost output.
Contract farming is an arrangement in which a company provides a farmer with inputs to produce and supply it with agricultural product to recover the costs.

Cottco managing director Mr David Machingaidze said 156 673 cotton growers […]

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Corporate Governance Statement

The Group is committed to the principles of ethics, transparency, responsibility, integrity and accountability in dealings with its stakeholders. The primary objective of corporate governance systems is to ensure that Directors, Executives and Management carry out their responsibilities effectively and efficiently. The Group’s structures are, therefore, continuously reviewed and updated to ensure compliance with applicable laws and generally accepted corporate governance practices.

Quick Governance navigation

Directors | Committees | Management | Safety, Health and Environment


Douglas Ncube

Non-Executive Board Chairman

Douglas Ncube

Douglas’ first job (in 1973) was as a Cotton Specialist for the then Rhodesia Cotton growers’ Association (seconded to the Department of Agriculture in the Ministry of internal Affairs). His first work station was in Gokwe before being transferred in 1975 to Head Office in Salisbury (Harare) to become responsible for the National Cotton Extension effort. After independence Douglas rose through the ranks to become Chief of Crop Production (Ministry of Agriculture – Agritex) in 1983. In 1984 he joined Cotton Marketing Board as Assistant General Manager (Operations) before moving to Triangle Sugar Corporation as their Cotton Gin Manager between 1987 and May, 1996. He moved back to Harare to work for Cargill (as General Manager Cotton) from June 1996 to 1999. He relocated to the UK in August 2000 to pursue PhD studies and while there he worked for the Royal Mail as manager and lectured in International Studies at Regent’s College in London.

Douglas returned to Zimbabwe in September 2010 to join MandiRukuni Seminar…

Collins Chihuri

Managing Director

Collins Chihuri

Collins Chihuri was appointed Managing Director of The Cotton Company of Zimbabwe Limited (Cottco) in January 2014. He rejoined Cottco after a six year stint with an industry competitor where he was a Chief Operating Officer. Collins is a holder of an MBA and a Bachelor of Accountancy Honours Degree, both from the University…

James Maposa

Non-Executive Director

James Maposa

James has been on the Cottco board since 18 June 2013. He is currently the Country Manager for Anglo American Corporation, Unki Platinum Mines, previously having been the Managing Director of Anglo American Corporation Zimbabwe. He has extensive experience in the mining industry which he has served for over 27 years, during…

Ayoob Adam

Non-Executive Director

Ayoob Adam

Ayoob has been on the Cottco Board with effect from the 28th of February 2014. He is the founder and Chief Executive Officer of Equivest Asset Management (Private) Limited since its inception in 2001. Ayoob attained a BCompt from the University of South Africa and qualified as Chartered Certified Accountant (FCCA) in 2000…

Rufaro Maunze

Non-Executive Director

Rufaro Maunze

Rufaro Maunze has been a Cottco Board member since 28 February 2014. She holds a Masters in Development Finance with Stellenbosch Business School, an Honours degree from the University of South Africa, and is also a member of the Institute of Chartered Accountants of Zimbabwe having qualified in 2004. After qualifying, she…


The Audit Committee consists of three non-executive Directors and is chaired by one of them. The Audit Committee is responsible for:

  • Internal and external audit policy;
  • Reviewing the performance of external auditors;
  • Reviewing the scope, adequacy and effectiveness of the internal audit function;
  • Reviewing and acting on matters relating to financial and internal control, fraud, regulatory compliance, accounting policies, financial reporting and disclosure;
  • Reviewing financial statements prior to publication and adoption by the Board of Directors;
  • Reviewing material financial transactions and projects prior to adoption by the Board of Directors; and
  • Reviewing business risks and the adequacy of the company’s risk management systems and processes.


Both the internal audit function and the external auditors have unrestricted access to the Audit Committee and all of their significant findings are brought to the attention of the Audit Committee and the Board.

The Audit Committee meets at least once every quarter.

The Remuneration Committee consists of two non-executive Directors, as well as the Managing Director, and is chaired by a non-executive Director.

The committee’s task is to review, assess and make recommendations to the main Board on the following matters:

  • The Group’s remuneration policies in general;
  • Remuneration packages for top management, especially executive Directors;
  • Incentive schemes including share incentive plans; and
  • Measurement criteria for the performance of executive Directors; and
  • The development of people and succession planning.


The Remuneration Committee meets at least twice every year.

The Investment Committee consists of four non-executive Directors and one executive Director. The Committee is responsible for:

  • Providing advice to the Board in establishing policies related to investments and recommending these to the Board for approval;
  • Reviewing, approving and recommending to the Board investment transactions that management may consider within the investment guidelines;
  • Monitoring the management of investment funds;
  • Evaluating investment performance, taking into account investment policies, guidelines and risk levels;
  • Monitoring, as required, staff’s compliance with guidelines and processes of the investment policy; and
  • Reviewing annually the continued appropriateness of the investment policy and recommending to the Board any proposed modifications.


The Investment Committee meets, largely, on an ad hoc basis.

    The Technical Committee was established during the last quarter of the financial year 2014. It consists of three non-executive Directors.

    The Committee is responsible for:

    • Regularly reviewing the Group’s inputs scheme strategy;
    • Evaluating the performance of inputs and pesticides;
    • Reviewing the integrity of the Group’s crop forecasts; and
    • Evaluating the Group’s intake strategy.

    The Technical Committee meets at least once every quarter.


    Managing Director

    Collins Chihuri was appointed Managing Director of The Cotton Company of Zimbabwe Limited (Cottco) in January 2014. He rejoined Cottco after a six year stint with an industry competitor where he was a Chief Operating Officer.

    He holds a Masters in Business Administration and a Bachelor of Accountancy Honours Degree, both from the University of Zimbabwe. He also has a certificate in Humanitarian and Development Studies with the same university. He is a Chartered Secretary and a Chartered Management Accountant.

    Collins who has a wealth of experience covering finance and administration, corporate services and operations management, started his working career as a graduate trainee with Anglo American in 1988 rising to Company Secretary in 1993. Collins joined Cottco as Company Secretary in December 1997, and headed the operations division from January 2005 up to December 2007.

    Company Secretary

    Joined Cottco in 2005 as Company Secretary and in 2008 the group was restructured and he was appointed Company Secretary for AICO Africa Limited. He is part of the project team that handled the reverse listing of Cottco to AICO.

    Prior to joining the Cottco Group, between 1990 and 2005, he held positions of Finance and Administration Manager and Company Secretary for a number of Companies among them Zimglass, Tourism Services Zimbabwe and Longman Zimbabwe. He started off his career with Anglo American Corporation Services Limited as a Graduate learner Accountant in 1990.

    He is a holder of a Masters in Business Administration degree (MBA) from the Midlands State University, a Bachelor of Accountancy Honours degree (B.Acc Hons) from the University of Zimbabwe , is a Chartered Secretary (FCIS) and a Registered Public Accountant.

    He is a sitting Councillor and Past President of The Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) 2012-2013, and was Zimbabwe’s representative as an executive committee member of the Corporate Secretaries International Association (2012). He is a current member of the Zimbabwe Stock Exchange Monitoring Panel since 2012.

    Head – Finance

    Dacyl-Ray joined the company in June 2010. She is a chartered accountant, having trained with KPMG Chartered Accountants (Zimbabwe).

    Dacyl has over 8 years agro-industrial business and audit experience. She is also an experienced trainer having run professional courses and International Financial Reporting Standards (IFRS) seminars in Zimbabwe and parts of the region.

    Dacyl is a keen golfer.


    Maduviko joined the company on 1 October 2012 as Group Treasurer. He has got solid experience in Treasury, Fund Management, Risk Management, Corporate Finance, Trade Finance and Business Development after having worked for various financial institutions in Zimbabwe, South Africa and Saudi Arabia.

    He is a holder of an MBA – Finance from the University of Manchester (UK) and is an Associate member of the Institute of Bankers of South Africa and Zimbabwe. He is currently studying CIMA (UK) and on final stage of the qualification.

    He enjoys playing golf and watching football.

    Financial Controller

    Nyaradzo joined the company on 1 February 2013. She is a chartered accountant by profession, having completed her articles with Deloitte where she qualified with the National Duff Award. She holds a B. Com (Hons) Degree in Accounting Science from the University of South Africa, and is also a member of the Institute of Chartered Accountants of Zimbabwe.

    After qualifying, Nyaradzo pursued a career in South Africa where she was a Financial Controller at Business Connexion Ltd. Following this, she worked as the Regional Financial Controller at ENRC Management South Africa.

    She enjoys running and travelling.

    Head – Operations

    Petros joined the company on 01 May 2010 as a Group Systems and Management Accountant. He rose through the ranks holding positions of Financial Controller, Business analyst and Executive Assistant to the CEO before being appointed as Head of Operations in April 2013. He is a registered public Chartered Accountant and financial analyst by profession, having completed his articles with Deloitte where he qualified with the National Duff Award.

    He holds a B. Com (Hons) Degree from National University of Science and Technology, B Compt (Hons) in Accounting Science from University of South Africa and a Certificate and Diploma in Diplomacy and Diplomatic Protocol. Petros is currently a Chartered Financial Analyst Program level 2 student. He is also completing his Masters of Science in Strategy and Operations with Walden University. Petros was a director of National Oil Infrastructure Company of Zimbabwe and INPETRO (an international petroleum terminal) for more than 3 years.

    Petros is a passionate reader and enjoys volunteering his services to NGOs undertaking activities of his interest.

    Human Resources Executive

    Tom joined the Group in 1999 as an employee relations manager, after having worked for various organisations in the field of human resources management. He was later appointed Group Employee Relations Manager, a position he held until his current appointment.

    Tom holds a Bachelor of Arts and Master of Business Administration degree from the University of Zimbabwe.

    Information and Technology Executive

    Maynard has more than ten years experience in Information Technology with an emphasis in systems development and implementation. He holds a Bachelor of Science (Honours) combined degree in Data Processing and Accounting from the University of Leeds, UK, and a diploma in Business Studies from Gwent College of Further Education, UK.

    Maynard is a member of the Computer Society of Zimbabwe and student member of the Chartered Institute of Management Accountants (CIMA).

    Corporate Services Executive

    Charles joined the company as Production and Maintenance Manager in 1996 after having worked in mechanical engineering maintenance for a fertilizer manufacturing plant and a thermal power plant. He was appointed Quality Assurance Manager in 2005, a position he held until his recent appointment.

    He trained in Production engineering, Quality assuarance, Business finance, Project management and several Leadership and Management development programs.

    Charles is a member of the Institute of Engineers (UK) and also a member of the Project Management Institute of Zimbabwe.

    Safety, Health and Environment

    We remain committed to conducting business in a sustainable manner and we continuously examine the way in which we do business and endeavour to create a positive impact on the environment. Through our field operations we train our growers to adopt sustainable methods of agriculture and we continue to raise awareness on the safe application and disposal of pesticides and herbicides.

    Safety awareness continues to be an area of focus and the business continues to provide free annual medical consultations to all employees whilst the company’s HIV and AIDS awareness programs are bearing fruit. Cottco introduced voluntary counselling and testing sessions conducted at all our depots, which were received positively by our staff.

    Our Quality, Safety, Health and Environmental Policy

    The company undertakes to:

    • Adopt and maintain a quality management system that is in line with the latest and most relevant ISO Standard;

    • Provide products and services that exceed the requirements and expectations of Cottco customers first time, all the time;

    • Regularly review Cottco management systems to ensure their continuous effectiveness;

    • Comply with all relevant legislative requirements

    • Ensure all Cottco employees are adequately trained and provided with resources to achieve their objectives of the quality management system;

    • Promote the effective management of health, safety and the environment at all Cottco sites;

    • Be an employer of choice and develop an enabling environment at all Cottco sites; and

    • Make Management decisions that enhance stakeholders’ interests.

    Investor Relations

    Cottco is Southern Africa’s leading cotton buying, processing and marketing organisation

    Quick IR navigation

    Share Chart | Share Quote | Reports & Presentations | Financials Summary | Calendar | FAQs | CSR | Contact Us

    Share Chart

    Share Price 0.20 US cents 0.00 0.00    Friday, 19th December 2014

    Share Quote



    ZW 000 901 220 5







    Year end







    Collins Chihuri


    Freeman Kembo


    Dacyl Rambanepasi

    Company Sec

    Pious Manamike

    Transfer Sec

    First Transfer Secretaries



    Friday, 19th December 2014


    US cents

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    Year to date


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    Top Shareholders

    National Social Security Authority

    242,923,939 (22.19%)

    Old Mutual Life Assurance Company of Zimbabwe Limi

    150,141,019 (13.71%)

    Standard Chartered Nominees (Pvt) Ltd - NNR

    127,663,441 (11.66%)


    574,228,867 (52.44%)

    Results, Reports and Presentations

    All the following reports are interactive. If you would like to download the following reports, go to the ‘Downloads’

    section below.


    Financials Summary

    Statement of Income extract

    All values in US Dollars (US$). Period Ending 31 Mar 14 31 Mar 13 31 Mar 12 31 Mar 11 31 Mar 10 5-year trend
    Revenues 42,001,000129,072,000293,292,000225,939,000162,879,000
    Attributable PAT 5,851,000(6,711,000)6,156,0008,946,000(4,270,000)

    Statement of Financial Position extract

    All values in US Dollars (US$). As at 31 Mar 14 31 Mar 13 31 Mar 12 31 Mar 11 31 Mar 10 5-year trend
    Shareholders funds 31,578,00073,308,00083,551,00080,595,00082,455,000
    Net interest bearing debt 40,740,654119,065,000125,344,00084,735,00045,920,000
    Cash on hand 759,3466,735,00012,662,0007,751,00012,161,000
    Interest bearing debt 41,500,000125,800,000138,006,00092,486,00058,081,000
    Net current assets 7,023,00033,688,00047,190,00045,458,00023,265,000

    Events Calendar

    Recent Corporate Events (last 14 days)

    Date Event Time Description Venue
    September 2014
    Tuesday, 30thHYHalf year end

    Upcoming Corporate Events

    Date Event Time Description Venue

    Whilst every effort is made to ensure that these calendar dates are correct, no responsibility will be accepted for any loss or inconvenience suffered by anyone relying on these dates should they be incorrect. It is the responsibility of the reader of this calendar to ensure that any date published is in fact correct.

    Frequently Asked Questions

    A share is a unit of ownership in a company. When you own a share you become a part-owner (shareholder) of a company and you will have the right to receive any dividends paid on each share that you own, receive an electronic or paper copy or summary of the company’s annual report and financial statements as well as any other shareholder communications. You will also have the right to attend, ask questions and vote at general meetings of the company.
    When you buy shares in Cottco, or any listed company for that matter, you should get a contract note and then a share certificate from the broker through which you bought your shares. If you don’t have either of these, we recommend that you contact the broker through which you bought your Cottco shares.
    Soon after the trading session on a daily basis, the Share Quote is updated with results of trading in Cottco shares. You may also want to view the share price performance over a range of periods on our interactive share trading graph which is also available on this website. We also make available for download the daily share trading data in Excel, which you can manipulate in your own way. You are also encouraged to register for weekly share trading alerts from Cottco.
    Share prices generally change on a daily basis. To value your portfolio, simply multiply the number of shares you own in Cottco by the current share price as available in the Share Quote in this website. Note that this value excludes transaction costs, which vary by country of jurisdiction.
    The tax consequences of keeping or selling your shares, or buying more shares, depend on your own circumstances and the country in which you are resident. If you are in any doubt about your tax position, you should seek independent professional advice from any personal banker or stockbroker in your jurisdiction.
    The share price will be influenced by a number of factors, some of which are outside the company’s control. The factors may include:

    • the performance and prospects of the company or the industry in which the company operates;
    • political, general economic, financial and stock market conditions;
    • perceptions of investors about the above factors.

    As with all listed shares, the share price of Cottco Holdings Limited on the Zimbabwe Stock Exchange can go up or down. If you sell your shares, you may receive more or less than you originally paid for them.

    A dividend is a taxable sum of money declared by a company’s board of directors and given to its shareholders out of the company’s current or retained earnings. Dividends are usually given as cash (cash dividend), but they can also take the form of stock (scrip dividend) or other property. There is no guarantee that a company will make dividend payments in any given year or years.
    It depends on the type of the dividend declared. If it’s a purely cash dividend, you do not have an option to take up shares instead. However, if a cash dividend with a scrip option is declared, you can opt to receive more shares in the company. If you are paid your dividend in cash, you can ask you broker to reinvest the proceeds into Cottco shares on your behalf.
    Yes, this is possible. You need to contact our registrars and provide them with your banking details as well as the instruction to directly deposit your future dividends into your account. They will assist you.
    Our financial year end is 31 March. Full year results are usually released in June same year. Our half year end is 30 September and the interim results are released in November same year.
    Our annual reports are available for download in PDF from the Downloads section of this website. If youregister to receive financial reports from us, we will send you the links to the reports upon release. Hardcopies may be requested from the Company Secretary as well.
    It is our primary goal to communicate with all stakeholders electronically. If you would like to receive future communications from the Company by e-mail, please opt-in to receive the relevant alerts from us.

    Cottco CSR

    Giving back to our communities is our way of thanking them for making cotton farming a success

    Contributing to the country’s economic and social development remains a key component of the Company’s culture. Through various initiatives and activities, the Group continues to fulfil this commitment.

    Contact Us

    We are continuing to invest in the development of agriculture in sub-Saharan Africa and finding the most efficient and responsible agricultural practices. If you want to communicate with us, we are here to listen. We would like to hear from you!


    Head office

    1 Lytton Road, Workington | PO Box 2697, Harare, Zimbabwe

    T: (04)749458; 771981/5; 775324 | F: (04) 753854; 708573

    Our location

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