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ABC Holdings and TA Holdings are the latest companies to be delisted from the Zimbabwe Stock Exchange

Business Reporter
THE shares of ABC Holdings and TA Holdings have been delisted from the Zimbabwe Stock Exchange following their respective take overs by Atlas Mara and Masawara Plc.

Atlas Mara, owned by former Barclays Plc chief executive Bob Diamond and Ugandan Ashish Thakkar, completed the take-over of the regional banking group last year while Masawara bought over 75 percent of TA. In terms of the exchange rules, a company must have a free float of 30 percent of the issued share capital with a minimum of 300 shareholders.

In April last year, Atlas Mara agreed to buy a majority stake of ABC and ADC for $265 million in the first acquisition by the investment firm.

ADC owned 47,1 percent of BancABC and 9,1 percent of Union Bank of Nigeria.

The bank then launched a mandatory public offer to the shareholders of ABC on September 22. About 7,04 million shares which represented an additional 2,74 percent of BancABC’s shares were tendered, bringing Atlas Mara’s total ownership to 98,7 percent.

Masawara, which had bought a significant shareholding in TA also made an offer to acquire the entire issued share capital of the conglomerate.

The offer opened on September 22 and at its close, 58,84 percent of the TA minorities holding 57,191,693 shares representing 34,69 percent of the issued share capital accepted the offer. On completion, Masawara raised its stake to 75,7 percent.

TA listed on the bourse in 1964 while ABC shares were trading on the ZSE since 2000.

After ABC’s take over by Atlas Mara, some management changes were effected which saw chief executive Mr Doug Munatsi, chief finance officer Beki Moyo and Mr Francis Dzanya, chief operating officer stepping down. The executive management of Atlas Mara and BancABC collaborated on identifying opportunities for enhancing BancABC’s operations and executing its strategy.

Atlas Mara, in consultation with the board of BancABC, identified a highly-qualified team led by Mr Simbarashe Pfende, chief executive officer, while Makhosi Boyede and Amelia Reynecke were appointed as co-chief operating officers. Christine Bronkhorst was appointed as CFO. Howard Buttery stepped down as chairman.

BancABC offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. It started in Botswana in 1956 and was listed on both Zimbabwe and Botswana stock exchanges.

On the other hand, TA was established in 1935 as tobacco auctions. Its founding chairman, Mr Fred Cooksey, launched the first auction floor in 1936.

Although it was originally a single operation company – formed to serve tobacco farmers at a time when the world was in deep recession – even in those early days tobacco auctions diversified extensively enabling it to take advantage of the limitless opportunities presented.

Over the years TA diversified out of tobacco into an investment holding company with assets in hotels, insurance and associates companies in manufacturing.