THE country’s leading property developer, Zimre,has finally delisted from the Zimbabwe Stock Exchange, ZSE chief executive officer Justin Bgoni said in a statement.
The termination was done on Tuesday and is precipitated by an offer to ZPI minority shares by Zimre Holdings.
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary termination of listing of Zimre Property Investments Limited (“ZPI”) with effect from 10 November 2020.
“Following the an offer to ZPI minority shareholders by Zimre Holdings Limited (“ZHL”) to acquire ZPI shares held by minority shareholders in exchange for new issued shares in ZHL, ZPI applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited pursuant to section 11 of the ZSE Listing Requirements, ”he said.
According to ZSE boss, Zimre Property Investments (ZPI) ‘ no longer met the minimum free-float for a listed company defined in section 87(d) of the ZSE’s Listings Requirements since ZHL now controls 97.6% of ZPI’.
Hence as required by Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist ZPI from the ZSE’s official list.
The African Financials says ZimRe Holdings Limited operates through subsidiaries to provide solutions for general insurance, health cover, reinsurance, life reassurance, reinsurance brokering and property services for private, commercial and corporate clients in Zimbabwe and overseas. Its insurance products range from short-term and whole-life insurance to endowment pensions, medical aid societies and motor, household and commercial insurance solutions.
The company also has interests in producing a range of animal-drawn implements and in property management; maintaining, developing and leasing properties in the residential and commercial property market in Zimbabwe. Zimre Holdings Limited was founded in 1983 and is based in Harare, Zimbabwe.
Tariro Chimhanda – Business Mail