17th Jul 2014 12:42
LONDON (Alliance News) - Masawara PLC Thursday said it has submitted an offer to acquire the entire share capital of TA Holdings Ltd at an offer price of USD0.206 per TA share, or USD20 million in cash.
The investment company, which acquires assets in companies based in Zimbabwe and southern Africa, already holds a 41.04% stake in TA and is proposing to acquire the rest of the company through an offer to the TA board.
TA is a Zimbabwe Stock Exchange-listed investment company with interests in the insurance, hospitality and agro-chemicals sectors in southern Africa. It made a post-tax loss of USD5.7 million in 2013 and its net asset value at December 31, 2013 was USD47.8 million.
The company said it will pay for the purchase through a combination of internal resources and debt funding.
Masawara shares were untraded at 50.5 pence on Thursday, after last trading on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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