Skewed voting in hotel group righted - Gaolathe :: Mmegi Online

Parliament has heard that the dispute between shareholders of Cresta Marakanelo was over voting rights. The Botswana Development Corporation (BDC) owns 60 percent of Cresta Marakanelo, while TA Botswana Limited (TAB), which is a wholly-owned subsidiary of TA Holdings of Zimbabwe, owns 40 percent.

The Minister of Finance and Development Planning, Baledzi Gaolathe, said the dispute between the shareholders emanated from the Shareholders' Agreement between the two parties that gave TAB two votes per share while BDC had one vote per share.

Gaolathe said even though BDC was a majority shareholder at 60 percent, the structure of the voting gave TAB more powers at shareholders' meetings. The dispute was resolved by entering into a new Shareholders' Agreement that gave each share one vote, hence recognising BDC as a majority shareholder of the company.

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Skewed voting in hotel group righted - Gaolathe

Parliament has heard that the dispute between shareholders of Cresta Marakanelo was over voting rights. The Botswana Development Corporation (BDC) owns 60 percent of Cresta Marakanelo, while TA Botswana Limited (TAB), which is a wholly-owned subsidiary of TA Holdings of Zimbabwe, owns 40 percent.

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