The Deeds, Companies and Intellectual Property issued a Circular to this effect on the 5th July 2019 and the re-denomination is to be effected through the passing of a Special Resolution and submission of a Notice of Passing of the Special Resolution (C.R.11), to the Companies Registry Office.
Due to the changes in the currency in Zimbabwe, companies are now required to reevaluate their company share capital from US Dollars to Zimbabwe Dollars.
For a company to do that they need a CR11. This is in terms of the Statutory Instrument 142/2019 gazetted on the 24th June 2019 re-introducing the Zim Dollar as the sole legal tender in Zimbabwe (redenomination).
A redenomination of share capital is to convert shares from having a fixed nominal value in one currency to having a fixed nominal value in another currency. Each share in a company limited by shares has a nominal value (also known as par value), which is its face value.
The nominal value of a share is in a particular currency and is usually a low figure, such as $1.00 or $0.10. This means all Companies registered before July 2019 are required to submit a CR11 form re-denominating their Nominal Capital
