HARARE, April 29 (The Source) – Astra Industries has obtained an approval to delist from the local bourse, the Zimbabwe Stock Exchange, the company announced on Wednesday.
The company applied for delisting last month because its shareholding structure violates ZSE listing rules which prescribe that at least 30 percent of issued shares should be publicly held.
“Directors have obtained necessary approval from both the Zimbabwe Stock Exchange (ZSE) and Securities and Exchange Commission of Zimbabwe (SECZ) to delist the company from ZSE with effect from 1600 hours on 30 April 2015,” said the company in a statement on Wednesday.
Kansai independently owns 38.19 percent of the issued share capital of Astra. Hemistar is 51 percent owned by Astra Industries management and staff and the remainder is held by Kansai.
Following an offer to minorities in 2013, the top four majority shareholders hold 98.12 percent of all the issued shares in the company with KPAL and Hemistar Investments controlling 80.2 percent.