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US firm places bid to buy Unga Group

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Unga Group is set to de-list from Nairobi Securities Exchange if a proposal by American firm Seaboard Corporation goes through. Seaboard said its Chief Executive officer made a decision on February 6 approving a proposed offer for the acquisition of shareholding in Unga Group.

The offer will be set out in a document prepared in accordance with the take-over regulations and will include a timetable of transaction by which shareholders of Unga Group Limited (UGL) will be able to accept within 30 days.

“When the offer is declared to be unconditional in all respects, it is our intention to propose that the shares of Unga Group limited be de-listed from the Nairobi Securities Limited in compliance with the regulatory requirements,” said Seaboard Corporation in a statement.

The offer will be set out in a document prepared in accordance with the take-over regulations and will include a timetable of transaction by which shareholders of Unga Group Limited (UGL) will be able to accept within 30 days.

“When the offer is declared to be unconditional in all respects, it is our intention to propose that the shares of Unga Group limited be de-listed from the Nairobi Securities Limited in compliance with the regulatory requirements,” said Seaboard Corporation in a statement.

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Trading in Unga Group shares has been suspended following the proposed acquisition.

Unga Group is a public company listed on the main market segment of Nairobi Securities Exchange, in 2002, it entered into a strategic partnership with Seabord Corporation to form Unga Group Holdings. As at December 31 2016, UGL held 65 percent stake in Unga Group Holdings and Seaboard held the remaining 35 percent stake.

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