The Zimbabwe Stock Exchange has blocked African Sun Limited's proposed transaction to dispose its 16.54% stake in listed property firm, Dawn, over breach of listing rules.
Shingi Munyeza's ASL intends to offload its 406 466 976 Dawn shares to Lengrah Investments Private Limited, a subsidiary of private equity group Brainworks Capital, which is in turn a major shareholder in the former.
The hotelier has valued the Dawn stake at $5.6 million and awaited approval of the sale at an annual general meeting to be held next month.
But the bourse's chief executive Alban Chirume, argues that ASL was supposed to initially seek ZSE's approval before tabling it to its shareholders.
- dailynews
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