By Alois Vinga
ZB Financial Holdings (ZBFH) has floated an offer for Mashonaland Holdings (MASH) minority shareholders to surrender their stake in the reputable property concern.
In a notice to MASH minority shareholders, ZBFH chairperson Pamela Chiromo revealed that the latter reached a control block in the entity following cancellation of 179 489 938 ordinary shares that were acquired under a share buyback scheme constituting 9,20 % and subsequent share purchases that they have been undertaking.
The share cancellation exercise approved on June 32, 2022 and the subsequent share purchases by the group increased ZBHF’s shareholding to 40,5% held directly and indirectly in MASH which necessitates an offer to minorities.
“In line with legal provisions, ZBHF remains obliged to make a mandatory offer to the minority shareholders of MASH.
“ZBHF is making a cash offer of ZW$8 per share held by MASH minority shareholders. Shareholders who accept the mandatory offer by the closing date shall receive ZW$8 for every MASH share disposed of,” said Chiromo.
She also revealed that ZBHF intends to maintain the ZSE listing of the company subject to all the ZSE listings requirements.
The new majority shareholder has also tabled plans to support the business in developing its land banks as well as re-purposing some properties in line with real estate market trends and enhance MASH’s competitiveness.
“ZBFH intends to regain control of the company and influence its strategic direction to unlock trapped value, and in the process unleash the latent potential of its under-writing businesses,” said Chiromo.
MASH is a property investment and development company in Zimbabwe, providing solutions to the retail, commercial and industrial sector.
The office/retail division acquires, develops and leases warehouse and factories and the Pure Retail acquires, develops and leases retail outlets; with other divisions involved in acquiring, letting and managing residential and specialised property as well as undeveloped land.