Sefalana rebuffs link to P51m acquisition deal

A Sefalana Hyper Store during a Blue Crystal promotion. Once the Zimbabwe deal is sealed, Sefalana will have equity in the group currently packaging and distributing the sugar products.
A Sefalana Hyper Store during a Blue Crystal promotion. Once the Zimbabwe deal is sealed, Sefalana will have equity in the group currently packaging and distributing the sugar products.

Botswana Stock Exchange-listed Sefalana Holdings has distanced itself from reports coming out of Zimbabwe that the local retailer is on the verge of concluding a P51.2 million acquisition of a 33 percent stake in packing and distribution firm, Tongaat Hulett Botswana (THB).

The 33 percent shareholding in THB is currently owned by Zimbabwe Stock Exchange listed Starafrica Corporation which last week released a statement confirming receipt of an offer for the stake from a BSE listed firm. 

Quoting sources said to be close to the deal, Zimbabwe media this week reported that Starafrica has received a “decent offer” from Sefalana and the parties seem to have agreed on various specifics of the deal. “Talks are now at a delicate stage and I am hopeful for a positive outcome,” the Herald Business quoted the source.

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