There was 1 Stock Exchange News Services (SENS) announcement in week 29 on the LuSE from Chilanga Cement Plc (Chilanga Cement).
CHILANGA CEMENT: MARKET ANNOUNCEMENT RESULTS OF THE MANDATORY OFFER
As at 12 May 2022, Huaxin was the majority shareholder in Chilanga Cement with 75% shareholding, while the balance of 25% was held by various institutional and retail investors. Huaxin, based in China, is a wholly owned subsidiary of Huaxin Cement Co. Limited (“Huaxin Cement”), an entity listed on the Shanghai Stock Exchange in China.
The Mandatory Offer by Huaxin to the minority shareholders of Chilanga Cement opened on 12 May 2022 and closed on 13 June 2022.
Results of the Mandatory Offer by Huaxin
Huaxin submitted a cash offer to the Board of directors of Chilanga Cement to purchase from the minority shareholders, all the remaining 50,013,468 shares of Chilanga Cement that it did not already own representing 25% shareholding in the Company (the “Offer”), at a price per share of ZMW13.38 (the “Offer price”).
Huaxin at the close of the Mandatory Offer, on 13 June 2022, acquired a total of 12,375,420 shares tendered for sale to Huaxin via the Form of Acceptance. This level of acceptance represents 24.74 % of the 50,013,468 target shares that were the subject of the mandatory offer or 6.19% of the total shareholding in the Company.
The net result is that after the conclusion of the mandatory offer process, the shareholding of Huaxin in
Chilanga Cement has increased from 75% to 81.19% shareholding whilst the balance of 18.81% is still held by
various institutional and retail investors numbering approximately 3,516 in total.
