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Oliver Kazunga Senior Business Reporter
A MAURITIAN investment firm, Masawara Mauritius Limited, has increased its stake in TA Holdings from 39 percent to 75,7 percent after buying out minority shareholders.

According to a notice to shareholders, TA Holdings that has interest in insurance, hotel and agro-chemicals sectors, reported that Masawara would own 124,840,933 ordinary shares constituting 75,73 percent in TA.

“Shareholders of TA are hereby advised of the results of the offer, which commenced on September 22, 2014 and closed on October 31, 2014. 58,84 percent of TA minority shareholders 57,191,673 shares accept the offer by Masawara to acquire their shares in TA Holdings at the offer consideration of $0,206 cents per share,” read the notice.

“Following the offer, Masawara will own 124,840,933 ordinary shares constituting 75,73 percent of the shares in TA.”

TA Holdings’ revenue in the first quarter grew by seven percent to $15,9 million following improved performance from the group’s hotel and insurance businesses.

In 2012, profits for the full year to December went down to $3,2 million driven by a rise in net claims and losses in the group’s agrochemicals unit.

Masawara is focused on obtaining long-term capital growth through acquiring interests across a range of sectors including agriculture, mining, petroleum, telecommunications and real estate in Zimbabwe and the Southern African region.

So far, the investment group among others, holds 50 percent stake in Dandemutande Investments, which holds an Internet Access Provider Class A telecommunications licence allowing the firm to construct, operate, develop, extend and maintain a public data and Internet access network, and to offer voice-over Internet protocol services.

Masawara also has interests in Minerva Zimbabwe, a company that provides risk management services, insurance and reinsurance brokerage and human resources benefits consulting in the country.

The group also has 15,03 percent shareholding in iWayAfrica Zimbabwe, an Internet service and business solutions provider.

“Following the stabilisation of the economy, Zimbabwe presents an attractive investment opportunity. Masawara is well placed to take advantage of depressed valuations in Zimbabwe as companies look for investment to fund growth.

“While primarily investing in Zimbabwe, the company will also consider investments in neighbouring countries. In addition, while the acquisition of control is not a pre-requisite to investment, the company requires board influence in all of its investments,” said Masawara.