NAIROBI, Kenya, Jul 27 – Seaboard Corporation says it will proceed with its proposal to delist Unga Group from the Nairobi Securities Exchange (NSE) despite falling short of acquiring 75 per cent of shareholding.
The firm, which currently has 2.29 per cent stake in Unga Group, had proposed a cash offer for ordinary shares in Unga Group that are currently not owned by the corporation or its affiliates at Sh40 per share but only 69.9 per cent of the shareholders took the offer, falling short of the 75 per cent target.
The New York Stock Exchange-listed firm says it will seek the go-ahead to de-list Unga Group from NSE at an EGM to be convened in due course.
It has waived the minimum acceptance threshold so as to complete the acquisition of offers accepted at Sh40 per share.
Unga Group revenue hit Sh19.5 billion in its full-year results ending June 30, 2017.
Sea Board is one of the largest United States companies engaging in pork production and processing and ocean transportation.
In Africa, the company has operations in a number of companies that are engaged in commodity merchandising, grain processing and sugar production.
Seaboard Corporation’s subsidiaries and affiliates employ more than 23,000 people in more than 45 different countries, mostly in the U.S., Latin America and Africa.
With net sales of approximately $6.67 billion annually, Seaboard Corporation is listed 387 on the 2014 Fortune 500 list.
The corporation hopes the completion of the acquisition to be not later than September 30, 2018.