25th Mar 2015 15:19
LONDON (Alliance News) - Masawara PLC Wednesday said it expects the acquisition of TA Holdings Ltd to be sanctioned by the High Court of Zimbabwe after the minority shareholders voted to accept its USD0.2509 per share offer.
The AIM-listed investment company first said it would acquire the remainder of TA back in July 2014, when it owned 41% of the company.
TA is an investment company with holdings in insurance, hospitality and agro-chemicals.
"This is a goal we have been pursuing for the last two years. TA is an important asset to our group. The acquisition reaffirms our strong belief in the long-term prospects of the Zimbabwean economy. We believe that assuming full control of TA will enable us to undertake various initiatives that are expected to deliver value in the medium to long term," Chairman David Suratgar said in a statement.
Masawara shares were untraded on Wednesday. The stock closed at 51.50 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Masawara