Masawara sweetens TA offer

HARARE - Shingai Mutasa's Masawara Plc (Masawara) has increased its offer to TA Holdings Limited (TA) minority shareholders by $0.05 to $0.25, as the investments group seeks to wholly takeover the latter.

Recently, the Masawara increased its stake in TA from 39 percent to 75, 7 percent after buying out minority shareholders.

The group, seeking to take over 100 percent of TA, has been facing resistance from some of the latter’s minority shareholders citing that the offer is too low.

Last week, High Court Judge Justice Moses Chinhengo confirmed that “…Masawara will become the owner of 100 percent of the Applicant’s ordinary share held by scheme participants and the scheme participants will receive a cash consideration of $0,2509 for each ordinary share in the applicant disposed of to Masawara pursuant to the Scheme”.

The Jersey registered investment firm company is set to meet up with shareholders on Thursday to seek approval on the scheme of arrangement.

“The purpose of the scheme meeting is to consider, and if deemed fit, to agree to the scheme and Masawara will become the owner..,” Chinhengo said.

The meeting, to be chaired by Chinhengo, will not be the first meeting as TA Holdings shareholders last year rejected the initial offer price of $0,20 cents per share.

Masawara holds an effective 50 percent 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 percent shareholding in iWayAfrica Zimbabwe (Private) Limited, an Internet service and business solutions provider in Zimbabwe.

The group has a 40 percent 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.