HARARE, May 10 (The Source) – Innscor has made an offer to acquire minorities shares in Zimbabwe’s largest pork and meat processor, Colcom in exchange for Innscor shares and plans to delist the company from the local bourse.
Innscor holds a majority 79,27 shareholding in Colcom, while other major shareholders who include Old Mutual Life and Old Mutual Zimbabwe Limited have 8,46 percent and 1,26 percent respectively.
“Shareholders are advised that the Colcom Holdings Limited board of directors has received notification from its major shareholder, Innscor Africa Limited of its intention to extend an offer to minority shareholders for the purchase of their Colcom shares in exchange for Innscor shares,” Colcom company secretary Andrew Lorimer said in a statement on Wednesday.
“It is also the intention of the Company to apply to the Zimbabwe Stock Exchange for a voluntary delisting in terms of Section 1 of the Zimbabwe Stock Exchange Listing Requirements.”
Colcom listed on the ZSE in 1993.
Innscor, which in 2014 became the first Zimbabwean company to breach the $1 billion turnover mark, has restructured to focus on light manufacturing by unbundling Simbisa and Axia.
Simbisa Brands — the quick service restaurants (QSR) unit, including regional counters was separately listed on the ZSE on November 6, 2015. Axia — comprising Innscor’s former specialty retail and distribution businesses — listed separately on May 17, 2016.