Business Reporter
WESTPROP Holdings Limited has moved its Pomona landbank into a new company and expanded its share count roughly 33-fold, completing a restructuring that leaves the Victoria Falls Stock Exchange-listed property group holding assets it estimates at US$110,2 million.
The company transferred Pomona Properties (Private) Ltd, whose landbank spans 161 51 hectares, to Alpha Holdings Africa (Private) Ltd, it said in a notice to stakeholders.
Shareholders approved the reorganisation at an extraordinary general meeting on September 1.
The deal was structured as a share transfer under section 232(1)(c) of the Companies and Other Business Entities Act and on a tax-neutral basis under section 15(1)(b) of the Capital Gains Tax Act, the company said.
WestProp, which trades on the VFEX, also completed a share split on October 28, subdividing 30 million ordinary shares into 1 billion units.
The enlarged share base began trading the same day. A voluntary exit offer closed on October 9.
Together, the two moves reshape both sides of WestProp’s ledger: what the company owns and how many shares represent it.
The company moved to reassure counterparties.
“All commercial arrangements remain fully valid and enforceable,” it said, adding that operations will continue as normal and that no disruption to services or contractual performance is expected.
The notice does not disclose the value of the transferred land or the uptake of the exit offer.
