Business - Companies & Markets - Local - October 26, 2020

GB Holdings ready to sell 43 % stake to new suitor

By Tariro Chimhanda

A conveyer belt and chemical producer, GB Holdings, listed on the Zimbabwe Stock Exchange has announced in a statement that it intends to sell over 40 percent of the company shares to a local company at $ZW60 million.

The company secretary Patrick Munyanyi confirmed to shareholders of the offer on Friday. The 43.22 stake is currently under ailing Shabanie Mashava Mines Holdings (SMM Holdings).

“On 1 October 2020, the Company received notification (the “Notification”) from Jemaimah Synergies (Private) Limited (the “Acquirer”) of the fact that it had made an offer to purchase, an aggregate 43.22% of the issued share capital of the Company (“Acquisition Shares”), currently owned by SMM Holdings (Private) Limited (Under Reconstruction)

“The price for the Acquisition Shares has been settled at ZWL60,000,000.00,”GB Holdings secretary Munyanyi said.

The acquirer is said to have already made a pledge a US$300 thousand fund the turnaround of GB Holdings

“The Acquirer has made budgetary provisions to avail up-to the equivalent of US$300,000.00, to finance phase one of the turnaround plan of GBHL 8,” says the company.

Once the acquisition has been done,Jemaimah Synergies is being mandated to tap into the SME gold mining sector and introduce new products to  support local industries.

“Introducing relevant environmentally friendly chemical solutions for mineral recovery, particularly for the SME gold mining sector.

“Also Introducing new product lines in the FMCG space, under technical agreements, in support of the country’s import substitution initiatives, “stated the company secretary.

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