ZIMRE Holdings Limited (ZHL) has successfully acquired all shares of Zimre Property Investments (ZPI).
The offer was announced on 9 September 2020, which was opened on 11 September 2020 and closed on 16 October 2020.
Initially, ZHL controlled 64.28% of ZPI and ZPI was listed separately on the Zimbabwe Stock Exchange (ZSE).
The acquisition of ZHL will enable it to fully align the operations of ZPI without affecting the minority shareholders of ZPI.
In a joint statement by ZHL and ZPI, minority shareholders of ZPI surrendered 33.34% out of the 35.72% they held, as it stands now, ZPI’s shareholders now hold 2.38% of the shares.
ZHL now holds 97.62% against the target percentage of 93.34% accepted at the offer.
As noted in their previous circular, the acquisition of ZPI and successive delisting will advance the interests of both current ZHL and ZPI minority shareholders through; the pursuit of innovative and community changing development projects and elimination of duplication costs which include governance costs associated with listing both the Parent (“ZHL”) and subsidiaries (“ZPI”) such as annual listing fees and annual report publication fees.
Amanda Jojo – Business Mail