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Business Reporter
Kansai Plascon Africa Limited and Hemistar Investments (Pvt) Ltd have taken up more than 80 percent stake in Astra Industries after a mandatory offer was made to minority shareholders in August this year.
According to the results of the offer, minority shareholders will now take up the remaining 18, 89 percent.

The mandatory offer to minorities by Kansai Plascon Africa Limited and Hemistar Investments (Pvt) Ltd was announced on August 8, 2014 and the offer was then opened on August 25, 2014 and closed on September 15, 2014. Astra Industries Limited’s shares held by minority before the offer was 51 667 168 while the number of shares surrendered in terms of the offer was 25 232 435.

Total number of shares held by Kansai Plascon Africa Limited and Hemistar Investments was 113 759 403.

“No decision has been made by the board in respect of any further corporate actions relating to Astra Industries Limited,” Astra Industries said in a statement.

Recently Government approved Kansai Plascon and Hemistar’s plan to make a mandatory offer to minority shareholders in line with the requirements of the Zimbabwe Stock Exchange.

The Minister of Youth, Indigenisation and Economic Empowerment, Francis Nhema said Astra Industries shall notify the minister of the resultant shareholding structure after the offer to minority shareholder.

Japanese company, Kansai Plascon and Hemistar, an investment vehicle for Astra management and staff, acquired the Reserve Bank of Zimbabwe’s 63,25 percent interest in the issued share capital in Astra.

The RBZ held the shares through its investment vehicle known as the Finance Trust of Zimbabwe.

Minister Nhema in a letter addressed to Kansai Plascon said should the resultant shareholding structure fall short of the requirements of the Indigenisation and Economic Empowerment legislation, Astra Industries Limited is required to submit an Indigenisation Implementation Plan which achieves the 51 percent indigenous shareholding over a defined time period.

Astra Industries management and staff own 51 percent of the investment giantHemistar while the balance is owned by Kansai.