Chronicle EditorEnacy Mapakame, Harare Bureau
SHAREHOLDERS of meat processor Colcom Holdings have approved a scheme of arrangement through which parent company Innscor intends to buy out minority shareholders. This follows a meeting of minority shareholders, which was held last week to vote on the approval of the proposed plan.
The scheme entails that Innscor acquires shares of the scheme participants for a purchase consideration of 0.55 Innscor ordinary shares for every one Colcom ordinary share.
“The Scheme of Arrangement was declared duly approved. Colcom is now progressing with the fulfilment of the remaining Conditions Precedent of the Scheme of Arrangement. Upon fulfilment of all of the Conditions Precedent, shareholders will be notified, and the Scheme Consideration will be settled,” said Colcom in a circular to shareholders.
This will be followed by a voluntary delisting from the Zimbabwe Stock Exchange.Barely two years ago, Innscor, spun off its quick service restaurant unit, Simbisa and specialty retail and distribution business — Axia, and listed them as separate entities on the local bourse. Meanwhile, Colcom shares are trading at 72 cents, its highest in the last 52 weeks.
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