Furnmart blames new BSE rules as it delists

Furnmart is heading off the BSE
Furnmart is heading off the BSE

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.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up