Colcom minorities approve Innscor buyout

Colcom shareholders on Wednesday accepted Innscor’s offer to acquire minorities shares in Zimbabwe’s largest meat processor in exchange for Innscor shares.

Colcom company secretary, Andrew Lorimer said 97,8 percent of the shareholders had voted in favour of the motion at a scheme meeting on Wednesday.

Innscor which holds a majority 79,27 shareholding in Colcom, did not take part in the vote.

Colcom shareholders will receive 0,55 Innscor ordinary shares for every 1 Colcom ordinary share they hold.

“The scheme of arrangement was declared duly approved. Colcom is now progressing with the fulfillment of the remaining conditions which are precedent of the scheme of arrangement,” Lorimer said in a statement on Friday.

The conditions include Reserve Bank of Zimbabwe (RBZ) approval for payment of the scheme consideration in the form of Innscor ordinary shares to non-residents shareholders and registering the scheme with the registrar of companies.

Innscor plans to delist the meat processor from the local bourse. Other major shareholders include Old Mutual Life and Old Mutual Zimbabwe Limited have 8,46 percent and 1,26 percent respectively.