• Mon. Jul 22nd, 2024

ZB Holdings retains Mash Holdings major shareholding

ByEconomic Times

Mar 20, 2023

By ETimes

ZB Financial Holdings (ZBFH) says it now holds a control block of the shares in Mashonaland Holdings and the shareholder spread remains in compliance with ZSE listing rules, thus the company’s listing will be maintained.
 
Following a share cancellation exercise approved on June 30, 2022 and the subsequent share purchases by the group increased ZBHF’s shareholding to 40,59 percent held directly and indirectly in Mashonaland Holdings necessitated it to make an offer to minorities.
 
The offer was announced on the 20th of December 2022, opened on the 21st of December 2022, and closed on the 27th of January 2023.
 
“ZBFH has since paid the total purchase consideration of the shares tendered in terms of the offer and accordingly ZBFH now holds a control block of the outstanding shares in Mashonaland Holdings Limited.
 
“We wish to thank all the shareholders and the investing public for their continued support and confidence in the ZBFH vision,” ZBFH said in a statement.
 
The new majority shareholder has also tabled plans to support the business in developing its land banks as well as re-purposing some properties in line with real estate market trends and enhance Mashonaland Holdings’ competitiveness.
 
“ZBFH intends to regain control of the company and influence its strategic direction to unlock trapped value, and in the process unleash the latent potential of its under-writing businesses,” said the company in December 2022.
 
Mashonaland Holdings is a property investment and development company in Zimbabwe, providing solutions to the retail, commercial and industrial sector.
 
The office/retail division acquires, develops and leases warehouse and factories and the Pure Retail acquires, develops and leases retail outlets; with other divisions involved in acquiring, letting and managing residential and specialised property as well as undeveloped land.
 
According to ZBH, a total 73 970 shares were tendered for the offer, representing 0,0044 percent. Shares held by minority shareholders after the offer are now at 833,930,561, representing 49,41 percent
 
Shares held by ZBFH and its Associates after the offer now stands at 853,822,947 representing 50,58 percent of the total shares in issue – Harare

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