StarAfrica Corporation Limited has announced the sale of 57.4% Zimbabwe Asset Management Company (ZAMCO) stake to private equity firm, Takura Capital, BusinessMail has learnt.
ZAMCO was established by the Reserve Bank of Zimbabwe as part of holistic measures to deal with problem of rising non-performing loans (NPLs) in the banking sector. In 2018, it acquired control of StarAfrica Corporation following the firm’s debt to equity conversion which was part of the company’s scheme arrangement.
Takura Capital invests across different sectors and business life cycles, employing equity, debt, structured and self-liquidating instruments to provide funding for expansion. The Takura II fund focuses on scalable businesses in the agro-processing, FMCG, retail, healthcare, pharmaceuticals, real estate and business services sectors.
In a statement, StarAfrica announced that Takura Capital has entered into an agreement with ZAMCO to acquire the block of shares.
“Takura had entered into an agreement with ZAMCO to acquire the block of shares, which totals 2.760.284.842 translating to 57.4% of the issues share capital of StarAfrica,” reads the statement.
Speaking to a local publication, Zamco CEO Cosmas Kanhai said this new development now awaits regulatory approval.
“Takura Capital was a willing bidder but we are just waiting for regulatory approvals from Zimbabwe Stock Exchange and also approvals under the new Companies Act,” Kanhai said.
National Social Security Authority (NSSA) is now the second largest shareholder in starafricacorporation with 30.7% shareholding.
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