Shareholder approval needed for TSL US$25m Nampak ...

Shareholder approval needed for TSL US$25m Nampak acquisition

Nyashadzashe Ndoro

Chief Reporter

TSL Limited's proposed acquisition of a 51.43% stake in Nampak Zimbabwe Limited for US$25 million requires shareholder approval, the company announced.

The deal, subject to regulatory clearances and binding transaction agreements, aligns with Nampak's asset disposal plan. TSL Limited will seek approval at an extraordinary general meeting, with a circular containing transaction details, EGM notice, and requisite shareholder resolutions to be distributed to shareholders.

Nampak Limited accepted TSL's offer earlier, citing the disposal as part of its strategy to prioritise high-value assets. Following completion, TSL will make a mandatory offer to purchase remaining Nampak Zimbabwe shares.

Shareholders of both companies are advised to exercise caution when trading securities until further announcements are made. Regulatory approvals and shareholder consent are pending. The Transaction will require Shareholder approval which will be sought at an extraordinary general meeting.

The Company is therefore preparing a circular to Shareholders which will contain full details regarding the Transaction, a notice for the EGM, requisite shareholder resolutions for the Transaction and other required statutory and regulatory approvals.

Accordingly, Shareholders are advised to exercise caution when dealing in the Company's securities. Further announcements will be made in accordance with regulatory requirements as and when there are material developments," Fadzayi Pedzisayi, TSL company secretary said in a notice.

The acquisition's progress will be communicated through further announcements.