REA Trading Limited has received the nod from shareholders of REA Vipingo Plantations Limited to take over of the sisal grower’s issued share capital to 94.62%. The next step in the transaction is de-listing Reav Vipingo from the Nairobi Securities Exchange.
The final results of the offer, which closed on May 27, 2015, have been approved by the Capital Markets Authority. REA Trading had made an offer to acquire shares in REA Vipingo Plantations Limited that it did not already own.
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“This allows us to move forward with our plans for the future, which involve diversification of the REA Vipingo Plantations business in addition to large-scale sisal growing. Amongst other things, we intend to look at the utilisation of biomass for energy generation,” Mr Richard Robinow, REA Trading’s chairman said.
Following successful conclusion of the offer, cash payments to shareholders who accepted the offer, comprising an aggregate of Ksh85 per share (Ksh70 per share plus the Ksh15 cash top-up for each share that REA Trading has elected to pay) will be effected as from July 1, 2015.
REA Trading has been a long-term investor in REA Vipingo Plantations and has a proven track record in managing plantations.
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