Takura Capital front runner for Star Africa stake

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country choice foods Gold Star Sugar
country choice foods Gold Star Sugar

HARARE – Takura Capital, which has other interests in the FMCG sector, could be the preferred buyer of the majority stake in listed concerns, Star Africa.

The Zimbabwe Asset Management Company (ZAMCO), which holds a 57.4% stake is now looking at disposing it and among the seven companies that were shortlisted for the stake, well placed sources said it would most likely be purchased by Takura.

ZAMCO acquired control of StarAfrica following the firm’s debt to equity conversion in 2018, which was part of the company’s scheme of arrangement. Previously, ZAMCO applied for and were granted, a 12-month waiver by the Zimbabwe Stock  to dispose of excess shareholding to other parties and to sell if the share price reaches $0.03 cents, so as to reduce its shareholding to less than 35%.

Internal sources said among the considerations for final approval was the sector that the bidding firms were in. “On the shortlisted firms we had to consider the industry that those firms are in. If they had some exposure in the sugar industry or value chain then they had an added advantage.” Takura is already exposed to the sugar industry through FMCG investments in Cairns. It is also in the process of acquiring the majority shareholding in Interfresh.

There are unconfirmed reports that companies linked to Innscor and to a local businessman had also expressed interest in Star Africa.

Zamco is yet to make an official announcements as it is still undergoing regulatory processes.

 

 

 

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