![\"The](\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\" "\\"Visit")
<\/a><\/p>\n2 December 2011<\/p>\n
\n
THE Securities and Exchange Commission (SEC) has turned down an application by Puma Energy, the new BP Zambia owner, for a waiver which was to keep all the 25 percent shares of the firm on the Lusaka Stock Exchange (LuSE).<\/p>\n
With the application for a waiver turned down, Puma Energy is now expected to ask the minority shareholders to sell shares through a mandatory offer.<\/p>\n
The move to go ahead with the mandatory offer could see the company delisting from the LuSE.<\/p>\n
According to Puma Energy broker, Stockbroker Zambia, permission for a waiver had not been granted.<\/p>\n
Puma was now working out the pricing for the mandatory offer of shares on LuSE to the minority share holders.<\/p>\n
Stockbroker Zambia Analyst Chenge Besa, said Puma would soon put out an offer price for the shares and depending on the pricing, the minority shareholders would make a decision.<\/p>\n
Stockbroker Zambia has issued a cautionary indicating that Puma would not go ahead with the waiver because the move would not sufficiently meet the expectations of all the minority shareholders.<\/p>\n
After buying the Zambian Unit of BP together with those of four other countries in the region, Puma stated that it would not want to delist from the Lusaka bourse.<\/p>\n
The SEC listing rule demands that a company taking over a listed company extends mandatorily the offer to minority shareholders.<\/p>\n
AllAfrica – All the Time<\/p>\n
<\/p>\n