Mutanda seeks to execute CAPS demerger
Businessman Fred Mutanda is seeking to demerge CAPS Holdings into three entities in line with the resolutions passed by shareholders during the extraordinary general meeting on 30 June 2011.
“The board of directors of the company notifies members of the company of an impending transaction which, if successful, shall result in winding up of the company,” said Mutanda.
“The contemplated transaction, subject to approval by concerned statutory and regulatory authorities, encompasses a full demerger of the company, by way of a distribution in specie, in terms of which existing members of the company shall become members of each of three distinct public companies.”
Mutanda recently appointed a consultant to implement the resolutions of the CAPS Holdings’ extra ordinary general meeting entailing share consolidation and de-merger of the group.
The demerged entities would be CAPS Healthcare Limited, CAPS Manufacturing Limited and Central African Pharmaceuticals International Limited.
CAPS Holdings owns 60 percent of the issued shares in the authorized share capital of CAPS Private Limited and 80 percent of the issued shares in the authorized share capital of St Anne’s Hospital Limited.
The remaining 20 percent is warehoused by CAPS Holdings Limited for allotment to a trust identified as StAnne’s Hospital Doctor’s Trust Mutanda, who is at loggerheads with the Government over ownership of the group said the resolutions would pave way for implementation of the share purchase agreement entered between the businessman and the Government in November 2011 on the disposal of CAPS Holding’s two subsidiaries, CAPS Manufacturing and CAPS Healthcare, which owns QV Pharmacies and St Annes Hospital.
Mutanda says he owns 88 percent stake in CAPS Holdings through his family investment vehicle, FCMM. Apiece, he directly owns 67 percent of CAPS Manufacturing and CAPS Healthcare.
Other entities, solely owned by CAPS Holdings, are CAPS Botswana Limited, CAPS Pharmaceuticals South Africa Limited, CAPS International as well as Geddes.-ebusinessweekly
