JERSEY-REGISTERED investment company Masawara Plc is set to shore up its shareholding in Zimbabwe Stock Exchange -listed TA Holdings after making an offer to buy 58,98% shareholding.
CHIEF BUSINESS REPORTER
Currently Masawara holds a 39% shareholding in TA Holdings and if the offer is successful, it would hold close to 100%.
In a cautionary statement yesterday, TA Holdings advised shareholders that it had received an offer from Masawara Mauritius Limited for Masawara or its “affiliates to acquire all the issued ordinary shares in TA Holdings not currently held by companies under the control of Masawara Plc, constituting 58,96%”.
It said the shares would be acquired at a price of 20,6 cents per share through a scheme of arrangement.
“The requisite notice of the scheme of arrangement and the scheme document incorporating an explanatory statement, the fair and reasonable opinion of independent financial advisor appointed by the independent directors of the company and the independent directors’ opinion and voting recommendations will be sent to the company’s shareholders in due course,” TA said.
“The offer is subject to all applicable regulatory approvals being met.”
Masawara holds an effective 50% shareholding in Dandemutande Investments which holds an Internet Access Provider Class A telecommunications licence which allows the company to construct, operate, develop, extend and maintain a public data and internet access network, and to offer Voice over Internet Protocol services.
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Masawara has 15,03% shareholding in iWayAfrica Zimbabwe (Private) Limited, an internet service and business solutions provider in Zimbabwe.
Masawara owns an effective 40% interest in Joina City, the single largest commercial and retail building in Harare.
Masawara also has interests in Minerva Zimbabwe, the leading provider of risk management services, insurance and reinsurance brokerage and human resources benefits consulting in Zimbabwe.
TA Holdings has interests in insurance, hotels and agrochemicals sectors.
Masawara Plc invests in businesses and assets primarily located in Zimbabwe.
It says investments will also be considered elsewhere on the African continent as long as value opportunities exist and attractive returns can be achieved.
