NAIROBI, Kenya, Dec 13 – Longhorn Publishers shareholders have approved the sale of its entire shareholding in Law Africa firm.
The publisher announced its intention to offload its entire shareholding in Law Africa firm to shareholders on 8th of December 2017, 17 months after acquiring a controlling stake.
After the vote, about 99.8 percent voted for the offload.
The listed company had told shareholders that it has already identified a prospective buyer, even though it did not disclose the price.
The deal will see the purchaser get the entire stake, being 92 per cent of the issued share capital of Law Africa. When completed, Law Africa will cease being a subsidiary of Longhorn.
Longhorn purchased 74 percent stake in Law Africa in June 2016.
Law Africa is a private company that carries on business as a legal content publisher and a trader in both print and electronic books.
The company has three wholly-owned subsidiaries including Law Africa Publishing Uganda, Law Africa Publishing Limited (Tanzania) and Nathan Books Limited.
Law Africa specialises in publishing legal material for the East African market and is at the moment planning to venture into South Sudan.