Zimre Holdings to make a mandatory offer to CFI minorities

Zimre Holdings is set to make a mandatory offer to compulsorily buy out minority shareholders in CFI after it raised its shareholding in the company to 41.03 percent, said company secretary Panganayi Hare in a statement.

Zimre Holdings through its investment vehicle, Stalap Investments recently acquired 12.93 percent of CFI Holdings after NSSA disposed 13 643 807 shares at 10.55 cents per share.

This brings its total shareholding in CFI Holdings to 41.03 percent.

“The Company would like to advise its shareholders and the investing public that it has received notice that its shareholder Stalap Investments (Private) Limited has acquired further shareholding in the company. This has taken the Stalap shareholding in the company to 41.03 percent,” said Hare in a statement.

According to ZSE listing rules, a company which has acquired a shareholding exceeding 35 percent should make a mandatory offer to minority shareholders of the acquired listed company.

“Section 9 (Note 1A) of the ZSE listing rules triggers certain obligations by any acquirer who reaches a threshold of 35 percent. Accordingly the company has begun instituting measures to ensure compliance with the ZSE listing rules,” said Hare. –The Source

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