TA Holdings takeover on course

HARARE - Investment group TA Holdings Limited (TA) is seeking applicable regulatory approvals to prepare for its takeover by London-listed Masawara’s wholly-owned subsidiary, Masawara Mauritius.

This comes as the Zimbabwe Stock Exchange-listed conglomerate recently received an offer from Masawara Mauritius to acquire 58,96 percent of the company’s ordinary issued share capital.

Masawara currently holds an effective 39 percent interest in TA.

In a cautionary published yesterday, TA informed shareholders that preparations for the requisite scheme of meetings were currently underway.

“Reference is made to the cautionary statement published on the 17th of July 2014, where the Board of directors of TA advised shareholders that the Company had received an offer
from Masawara…

“Preparations for the requisite scheme meeting are underway. A notice of the scheme meeting and other relevant documents will be published in due course,” the cautionary said.

If the deal comes through, the transaction may lead to the firm delisting from the local bourse.

According to ZSE’s listing rules, a single investor that raises their stake in a listed entity above 35 percent must make an offer to buy-out minorities.

Harare-based analyst Issis Mwale told Daily News it was only a matter of time before TA delisted from the local bourse.

“It goes without saying this move is the subsequent privatisation of the institution, so they will no longer be obliged to be registered on the stock market,” she said.

In due course, TA will disclose how the transaction will be executed.

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