29 August 2014

Zimbabwe: Masawara Seek to Seal TA Acquisition

LONDON-LISTED investment company Masawara PLC is looking to complete the acquisition of TA Holdings for about $20 million the company revealed this week.

The deal will be completed through Masawara subsidiary, Masawara Mauritius Ltd.

The independent board of the Zimbabwe Stock Exchange-listed TA Holdings has already approved the deal.

Masawara already owns about 41% of TA and completion of the deal would see the company de-list from the Zimbabwe Stock Exchange.

TA shareholders are expected to vote on the deal on September16.

"The aggregate purchase consideration payable to TAH Shareholders will be funded through a combination of Masawara's internal resources and third party debt," Masawara said in a statement this week.

"Masawara Holdings Mauritius has, pursuant to the terms of a subscription agreement dated on or about 26 August 2014, agreed to issue 10% fixed rate notes due 36 months after issue ("Notes") in consideration of an aggregate amount of US$11 million.

"The Notes will be guaranteed, inter alia, by the Company."

Masawara is an investment company focussed on acquisitions in Zimbabwe and the southern Africa region.


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