13 July 2017

Zimbabwe: ZSE Approves Stalap's Offer Circular to Cfi Shareholders

The Zimbabwe Stock Exchange has reversed its decision to stop Zimre Holdings Ltd's investment vehicle, Stalap Investments, from making an offer to minorities of CFI Holdings as the battle to control the conglomerate escalates.

The ZSE last week ordered the group's majority shareholders, Stalap Investments and Messina Investments, to simultaneously make mandatory offers to minority shareholders in an unprecedented move.

In a letter to FBC Securities managing director Mr Benson Gasura, ZSE acting chief executive Mr Martin Matanda okayed Stalap's application to issue the circular.

"Reference is made to the Zimbabwe Stock Exchange letter dated 3 July 2017 communicating the listings committee resolution and your responses dated 4 July 2017 making representation on the above mentioned subject (mandatory offer to CFI Holdings Ltd's minority shareholders."

"The listing committee has now approved publication of Stalap's mandatory offer circular to CFI Holdings Limited's minority shareholders. Kindly provide the final circular with an amended timetable of events providing for the delays experienced on the previous timetable and proceed to publish."

The circular will be published today. The ZSE's decision last week forced the suspension of a plan by Stalap to make a mandatory offer to buy out minority shareholders this week. Stalap, an investment vehicle jointly owned by the National Social Security Authority and ZimRe Holdings Limited, is compelled to make a compulsory offer in line with ZSE rules after announcing its shareholding was now 41 percent in the group.

The offer, which will see minorities getting 22 cents should they accept Stalap's offer, has been hailed as good deal by market players and analysts. Stalap through its stockbrokers FBC Securities, appealed against the ZSE's decision to have simultaneous offers.

Controversial British businessman Mr Nick Van Hoogstraten controls Messina Investment.

Stalap queried the ZSE's decision, adding the exact timeframe within which a mandatory offer could be made was not specific.

Zimbabwe

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