12th Jun 2020 08:59
(Alliance News) - Zarclear Holdings Ltd on Friday said it has cut its stake in real estate investment trust Stenprop Ltd after disposing of 6.4 million shares.
The investment company secured ZAR128.0 million from the sale and now holds 14.5 million Stenprop shares, a 4.9% stake.
"The disposal was effected to reduce Zarclear's exposure to Stenprop and create additional liquidity in the company, which will assist in funding the company's proposed offer to its shareholders to voluntarily tender for the repurchase of their existing shareholding in Zarclear," the company explained.
Back in May, Zarclear said it wants to delist from the Main Board of the Johannesburg Stock Exchange.
Zarclear explained the costs and expenses associated with its JSE listing are no longer justified, given the impact that the Covid-19 pandemic has had and is anticipated to continue to have on equity capital markets for an extended period.
Shares in Zarclear were untraded in Johannesburg on Friday morning, last quoted at ZAR4.00 each. Stenprop was up 0.4% at ZAR24.30 in Johannesburg and up 0.9% at 110.00 pence in London.
By Eric Cunha; [email protected]
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