The National Social Security Authority (NSSA) has made a mandatory offer to buy out minorities of Nicoz Diamond after the pay as you go pension fund’s shareholding exceeded 35% stipulated by the stock market.
BY BUSINESS REPORTER
NSSA has 44,85% shareholding in Nicoz Diamond and Zimbabwe Stock Exchange rules stipulate that any shareholder with over 35% equity in a listed firm has to buy out minority shareholders.
In a circular to shareholders, Nicoz Diamond said the offer price was $0,0275 per share.
It said the mandatory offer opens for acceptance on April 3 and closes on April 24.
Nicoz said NSSA was using its own funds to settle all obligations arising from the offer.
“A letter of commitment has been provided by NSSA principal bankers for funding equivalent to the possible total value of the mandatory offer being $8 595 914,” Nicoz said adding that shareholders who elect not to accept the mandatory offer would remain shareholders of the short term insurer.
It said NSSA “intends to maintain the ZSE listing of the company subject to meeting all the ZSE listing requirements”. NicozDiamond said if the short term insurer was in breach of the ZSE rules post offer, NSSA would engage the ZSE Listings Committee for guidance and compliance.
