LISTED diversified industrial conglomerate, Innscor has made an offer to acquire minorities’ shares in Colcom in exchange for Innscor shares and plans to delist the company from the Zimbabwe Stock Exchange (ZSE).
In a cautionary statement on Wednesday, Colcom’ company secretary Andrew Lorimer said Innscor had made an offer to acquire minorities shares in the country’s largest pork and meat processor in exchange for Innscor shares.
“Shareholders are advised that the Colcom Holdings Limited Board of directors has received notification from its major shareholders, 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,” said Lorimer
Innscor holds a majority 79,27 shareholding in Colcom.
“It is also the intention of the Company to apply of the Zimbabwe Stock Exchange for a voluntary delisting in terns of Section 1 of the Zimbabwe Stock Exchange Listing Requirements,” Lorimer said.
Colcom was founded in 1944 and has been listed on the ZSE since 1993.
Innscor has reported a 16 percent growth in profit after tax to US$18 million for the half year to December 31, 2016, from US$15,8 million in the prior year.
Revenue rose to US$311 million from US$300 million in 2015 while earnings per share grew 28 percent to 2,32 cents from 1,78 cents.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 14 percent to US$31 million from US$27 million.
The company declared a dividend of 70 cents per share.