SMM to dispose of shareholding in General Beltings

SHABANIE Mashaba Mines (SMM) Holdings, which is under reconstruction, has entered into negotiations with an unnamed local investor to dispose of the entire 43,22 percent shares it holds in General Beltings.

On Friday, General Beltings (GB) said its major shareholder SMM Holdings had entered into negotiations for a sale and purchase agreement with a third party.

“Shareholders and the investing public are hereby advised the company (GB) has received notice that its major shareholder SMM Holdings have entered negotiations for a sale and purchase agreement with a third party for the entire 43,22 percent shareholding in the company,” it said in a public notice.

The third party is an investment vehicle representing a consortium of local businesspeople. GB is a manufacturing company that produces mining consumables such as conveyor belts and is listed on the Zimbabwe Stock Exchange.

“The envisaged transaction may have a material effect on the price of the company’s shares. Therefore, shareholders and the investing public are advised to exercise caution when dealing in the shares of the company, until a full announcement is made,” said the firm.

In June this year, GB announced that it could look to tap into the extensive opportunities brought about by the novel coronavirus pandemic through its chemicals division, Cernol Chemicals.-chronicle.co.zw