BUSINESS WRITER
Zimre Property Investments (ZPI) and Falcon Gold Zimbabwe (Falgold) have voluntarily delisted from the Zimbabwe Stock Exchange (ZSE) in a major blow for the bourse which is frantically hunting for new listings.
The delisting of ZPI comes after parent company, Zimre Holdings Limited made an offer to the property concern minorities.
ZHL offered one share for every 2.78 shares held by ZPI minorities. a notice yesterday, ZSE chief executive officer Justin Bgoni said the termination of the listing was with effect from November 10.
“Following the an offer to ZPI minority shareholders by Zimre Holdings Limited to acquire ZPI shares held by minority shareholders in exchange for new issued shares in ZHL, ZPI applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited pursuant to section 11 of the ZSE Listing Requirements,” he said.
ZSE noted that ZPI no longer met the minimum free-float for a listed company defined in section 87(d) of the ZSE’s Listings Requirements since ZHL now controls 97.6% of ZPI and the bourse sought and was granted permission by the capital markets regulator to delist the property concern from its official list.
Bgoni said the voluntary termination of Falgold’s listing was with effect from November 10.
He said following the approval by minority shareholders at an Extraordinary General Meeting held on October 29 2020, Falgold applied for voluntary termination of its listing on ZSE.
