South Korean firm Taesung ups ART stake to over 55pct after closure of offer to minorities

South Korean firm Taesung ups ART stake to over 55pct after closure of offer to minorities

HARARE May 14 (The Source) – Taesung Chemical Co (Taesung) has increased its shareholding in ART Corporation to over 55 percent after the closure of its mandatory offer to minorities, the company said on Thursday.

The Korean firm, through its wholly owned subsidiaries Cranbal Investments, Silvermine Investments and Zadmab (Private) Limited, now holds 55.33 percent of ART, with 258,578,541 shares after buying 44,758,020 during the offer which opened on March 30 and closed after 30 days. The remaining 44.67 percent is still in the hands of minorities.

Taesung increased its shareholding in the group from 33,86 percent after buying the National Social Security Authority (NSSA)’s  12.7 percent holdings, prompting the offer to minorities in line with the Zimbabwe Stock Exchange listing rules.

“No decision has been made by the board in respect of any further corporate actions relating to Art Holdings Limited,” chairman Moses Chundu said while announcing the results of the offer to the ZSE.

The company reported an eight percent increase in revenue to $11,4 million in the four months to January and projects full-year turnover of $31 million on improved capacity utilisation and higher volumes.

ART is involved in paper manufacturing, paper converting and distribution, pen manufacturing and lead-acid battery manufacturing and distribution. Its distribution businesses are in Malawi, Zambia, Zimbabwe and South Africa.