Ikulileni LuSE listing withdrawn

THE ‘controversial’ listing of Ikulileni Investment Plc was withdrawn on Monday after failure to meet the Lusaka Stock Exchange (LuSE) minimum subscription requirements.
Ikulileni Investment Plc, incorporated and registered in Zambia last year, owns 11.9 percent of MTN Group Limited’s Zambian unit at a share sale valued at almost US$97 million and was scheduled to list on the LuSE on June 16, 2015.
“The offer was subject to the minimum subscription condition prescribed by the listing requirement of the LuSE, and set out in the Prospectus, being met. This condition was ultimately not met. Accordingly, Ikulileni Investments is not in a position to proceed with the offer and the potential listing,” a termination of the offer and potential listing notice yesterday reads.
However, the refund of monies to applicants will start during the course of the week.
On April 30, 2015, Ikulileni Investment Plc issued the combined prospectus and pre-listing statement for subscription, and concurrently Munyati Buffalo Zambia Limited, one of the company’s existing shareholders, made an offer for sale of ordinary shares in the company to the Zambian public and selected international investors.
The listing was preceded by an offer for subscription by the company of 7,849,057 ordinary shares and an offer for sale of 5,279,220 ordinary shares by Munyati Buffalo Zambia Limited at the offer price of K26.50 per subscription share and sale share.
But, according to the notice, the withdrawal entails that all shares needed to be subscribed after opening on May 4 and closing on May 29.
“…Applicants are advised to contact their broker or banker through which, or visit the receiving agent branch at which, they submitted their application form. Alternatively, applicants may contact [Stanbic Bank Zambia Limited, the lead manager, placement agent… and Pangaea Securities Limited, the sponsoring broker,” the notice read in parts.

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