Amalgamated Regional Trading (ART) board chairman Thomas Utete Wushe has resigned with effect from 4 May 2026.
“The board expresses its sincere appreciation to Wushe for his leadership and contribution to the company during a period of significant transition and reset for the group,” ART said in a statement.
Utete – recently appointed Mines ministry permanent secretary – has been replaced by Mike Oakley in acting capacity, “pending the appointment of a substantive chairman”.
“Shareholders will be advised of further developments in due course,” the company said.
Under the chairmanship of Wushe, ART has been implementing a restructuring program, which included the disposal of non-core assets to improve liquidity, manage debt, and restore profitability, with a target to complete the exercise this year.
Recently, the group announced that it had realised approximately US$1 million from assets disposal over the past year.
The industrial group’s chief executive Milton Macheka said the asset sales, initiated at the beginning of the 2025 financial year and still on-going, “are part of a wider strategy to streamline the business, improve efficiencies and concentrate on core divisions”.
“Most of the proceeds realised from the sales have been used to address outstanding liabilities rather than fund day-to-day operations,” Macheka told shareholders at the company’s annual general meeting.
ART specialises in the manufacture and distribution of batteries, paper products, stationery, and timber.