Cambria Africa To List On Zimbabwe Stock Exchange After A Complete Takeover Of Celsys Ltd

stock_market_350

VENTURES AFRICA- Investment giant, Cambria Africa, is plans a secondary listing on the Zimbabwe Stock Exchange (ZSE) if it succeeds in taking over the remaining stock of Celsys Ltd, a security and commercial printing group. Cambria already owns 60 percent of Celsys and plans to make an offer for the remainder of the shares while offering a cash alternative.

Although complete takeover of Celsys is still subject to certain regulatory approvals and acceptance by Celsys shareholders, if all the shareholders accept Cambria’s offer, the new shares will amount to approximately 1.58 per cent of the enlarged capital. Should they accept the cash alternative the amount payable will be approximately US$192,000. However, Cambria will retain its primary listing on AIM.
Cambria’s Chairman, Ian Perkins, believes that “through this transaction Cambria will finally achieve its long-term goal of listing on the Zimbabwe Stock Exchange; a natural home for the company given the majority of its investment portfolio is located in Zimbabwe.”

 

If the deal goes through, Cambria will be the first secondary listing of a European company on the ZSE since 1999; the first public listing of shares on the ZSE since 2010; and the second listing of shares on the ZSE since the introduction of US dollarization increased economic stability in Zimbabwe.

 

In addition, the management says that if the acquisition is successful, it will increase liquidity in its shares and pilot efficient pricing while strengthening the growth prospects of the company.

 

The complete take-over of Celsys, a security and commercial printing group will facilitate direct investment in Cambria by Zimbabwe residents, corporations and financial institutions, providing the company with additional opportunities to access capital, broaden its investor base, and make it a more integrated part of the business community in Zimbabwe.