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Shareholders meet on TA takeover bid

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TA Holdings shareholders meet next month to consider a proposal by Masawara Holdings Mauritius to wholly own the conglomerate.

BUSINESS REPORTER

Last week, High Court judge Justice Charles Hungwe sanctioned the September 16 meeting and appointed Justice Moses Chinhengo “or failing him any other suitably qualified legal practitioner as may be nominated by him and approved by the applicant’s legal practitioners of record, be and is hereby as chairperson of the Scheme Meeting”.

Last month, TA Holdings announced that Masawara — with 39% shareholding in TA Holdings — would acquire all the outstanding shares in the conglomerate.

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.

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