Wednesday’s notice said that the minority shareholders were still at liberty to exercise their right to sell or retain shareholding after the planned delisting on June 19.
The delisting ends the company’s five decades’ presence at the bourse for the firm that was once the sole distributor and aftersales service provider for the iconic Peugeot.
The loss-making car dealer’s board sought to leave the bourse citing a harsh operating environment due to an influx of second hand cars and increased competition.
Gobal Limited is now the largest Marshalls East Africa #ticker:MASH shareholder after it upped its stake to 18.04 per cent ahead of the planned delisting from the Nairobi Securities Exchange #ticker:NSE .
This is after it paid Sh 64 million for 595,616 shares belonging to minority shareholders in the past one month window given to minority shareholders to dispose their stakes at Sh10.75 a share.
But the purchase by Gobal represents a paltry 24.45 per cent of the 2,427,170 held by minority shareholders showing increased confidence by minority shareholders with the business after it is delisted.
Wednesday’s notice said that the minority shareholders were still at liberty to exercise their right to sell or retain shareholding after the planned delisting on June 19.
The delisting ends the company’s five decades’ presence at the bourse for the firm that was once the sole distributor and aftersales service provider for the iconic Peugeot, a franchise it lost in 2007. It then took over Tata franchise and later left it to start selling and servicing KIA vehicles.
Gobal Limited which owns 13.9 per cent shares received a nod to buy shares from minority shareholders (who do not want to remain part of the delisted firm) at a premium of Sh10.75 per share.
The loss-making car dealer’s board sought to leave the bourse citing a harsh operating environment due to an influx of second hand cars and increased competition.
Fourteen shareholders, who collectively own 83.14 per cent of the company have pledged to remain as Marshalls investors even after it exits the Nairobi bourse. Its shares are currently trading at 11.80.
Marshalls is the second automobile firm to leave the market after CMC Motors left upon its purchase by Kuwaiti firm, Al Futtaim Automotive Group, which also holds exclusive distributorship rights for Toyota, Lexus, Hino trucks and Toyota Material Handling equipment in the UAE.
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