Furnmart blames new BSE rules as it delists :: Mmegi Online

Local furniture retail group, Furnmart, says its decision to delist is motivated by the Botswana Stock Exchange’s (BSE) upcoming rules requiring companies to increase shares held by the public from 20% to 30%, BusinessWeek has learnt.

Furnmart shareholders are scheduled to meet in December to discuss the P0.65 share offer for delisting and other details.

The BSE new rules commence in January, but listed companies are expected to have complied with the 20% to 30% free float increase by next month. Furnmart, which owns a chain of stores throughout Botswana, Namibia and South Africa, including the higher-end HomeCorp brand, first listed on the BSE in 1998, having evolved from being a mostly family-owned entity. By July 31, 2018, about 23% of Furnmart’s shares were in public hands, suggesting a forced increase to 30% would be difficult.

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Furnmart blames new BSE rules as it delists

Local furniture retail group, Furnmart, says its decision to delist is motivated by the Botswana Stock Exchange’s (BSE) upcoming rules requiring companies to increase shares held by the public from 20% to 30%, BusinessWeek has learnt.

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