SeedCo International acquires 35pc stake in Zim subsidiary

Oliver Kazunga, Acting Business Editor

REGIONAL seed producer, Seed-Co International Limited (SCIL) has acquired 35 percent of issued shares in the Zimbabwean subsidiary, Seed-Co Limited (SCL) pursuant to a primary offer on a share-swap.

In a joint statement, the two companies said this was in line with the Companies and Other Business Entities (COBE) Act of the country, and the Zimbabwe Stock Exchange (ZSE) listing requirements.

“The boards of SCIL and SCL wish to advise their shareholders and the investing public that SCIL has secured 35 percent of the issued shares in SCL in acceptances of its primary offer (control block).

“The control block was, secured through acceptances pursuant to the primary offer, based on a share-swap of one SCIL share for every 0,98 shares held in SCL, published in a Circular to SCL shareholders dated 13 January 2021,” reads part of the statement.

In accordance with the COBE and the ZSE Listings Requirements, SCIL was notifying the remaining shareholders in SCL of its intention to

acquire their shares (the remaining shares). -@okazunga