TA Holdings says preparations are underway for a scheme meeting as Jersey-registered investment company, Masawara Plc, seeks to acquire all the outstanding shares in the conglomerate.
Currently, Masawara holds 39% shareholding in TA Holdings.
In a notice yesterday, TA Holdings said: “Preparations for the requisite scheme meeting are underway. A notice of the scheme meeting and other relevant documents will be published in due course. Applicable regulatory approvals are in the process of being sought.”
Last month, 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.
TA Holdings has interests in insurance, hotel and agrochemicals sectors.
In the financial year ended December 31 2013, TA Holdings posted a loss of $5,6 million weighed down by its local investments.
The local investments recorded a $11,2 million loss for the period under review compared to the $5,5 million profit from outside investments.
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.
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.
Masawara Plc invests in businesses and assets primarily located in Zimbabwe.