MASAWARA Holdings Mauritius Limited has increased its stake in TA Holdings from 39% to 75,7% after buying out minority shareholders. TARISAI MANDIZHA BUSINESS REPORTER
In a notice yesterday, TA Holdings said: “Shareholders of TA are hereby advised of the results of the offer which commenced on Monday 22 September 2014 and closed on Friday 31 October 2014.
58,84% of TA minority shareholders holding 57 191 673 shares accept the offer by Masawara to acquire their shares in TA Holdings at the offer consideration of $0,206 cents per share. “Following the offer, Masawara will own 124 840 933 ordinary shares, constituting 75,73% of the shares in TA.”
TA Holdings has interests in insurance, hotel and agrochemicals sectors.
TA Holdings’ revenue in the first quarter grew by 7% to $15,9 million after improved performance from the group’s hotel and insurance businesses.
Profits for the full year to December 2012, however, declined to $3,2 million, weighed down by a rise in net claims and losses in the group’s agrochemicals unit.
Keep Reading
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
In 2011, the company posted a $6,2 million profit.
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 also has 15,03% shareholding in iWayAfrica Zimbabwe (Private) Limited, an Internet service and business solutions provider in Zimbabwe.
The group has a 40% stake in Joina City, the single largest commercial and retail building in Harare.
Masawara also has interests in Minerva Zimbabwe, a provider of risk management services, insurance and reinsurance brokerage and human resources benefits consulting in Zimbabwe.