DIVERSIFIED firm, MedTech Holdings Limited (MHL) has changed its name to BridgeFort Capital Limited (BCL) as it repositions itself to become a private equity firm.
In a statement to shareholders last week, BCL said pursuant to the extraordinary general meeting held on November 15, 2021 announcing the conversion of MedTech Holdings Limited to BCL, the name change had now been completed.
“The board wishes to advise shareholders of the following: Name Change and Company Secretarial; The change of name from MedTech Holdings Limited to BridgeFort Capital Limited has been duly approved and effected. The resolutions, mostly relating to the changes in the capital structure of the company, have been approved and processed by the Registrar of Companies and Other Business Entities,” BCL said.
The company further announced that as a result of the official change in the name of the company, the shares currently trading on the Zimbabwe Stock Exchange (ZSE) shall have new abbreviations.
These are BFCA (BridgeFort Capital Limited Class A — Consumer Goods) and BFCB (BridgeFort Capital Limited Class B).
Class B shares will reflect a receivable of US$100 200 relating to 50,1% of the land owned by MedTech Distribution, a BCL subsidiary.
“For a period of not less than one year, the former name of the company will be shown on the documents of title in brackets under the new name of the company,” BCL said.
ZSE will today give effect to the change of name.
BCL made the change of name as most medium-sized businesses rely almost entirely on organic growth and on vanilla bank loans — which require onerous collateral, have limited tenures, and attract high interest rates.
Thus, by becoming an equity firm, BCL is seeking to attract additional funding for its operations.
“Certificates and Shareholder Actions; Shareholders with Central Securities Depository (CSD) accounts had their CSD accounts credited with the respective entitlements shortly after the EGM while shareholders without CSD accounts are recorded as shareholders in the electronic share register,” BCL said.
“Shareholders shall not receive physical share certificates. The ZSE platform trades securities that are dematerialised only. Shareholders still in possession of physical share certificates and without CSD accounts are advised to approach their stockbroker for assistance in registering a CSD account and dematerialising their shares.”