Turnall back with rights offer option
Turnall announced that it will go on with its rights offer issue which they had previously shelved after some minority shareholders offered to sell shares in fear of ownership dilution.
The listed roofing and plumbing material manufacturer, said it will remain listed after the voluntary sale of shares by minority shareholders and has deemed it fit to go with a rights offer as they seek to recapitalise the firm.
Company secretary, Lizzy Samunda, in a statement said; “On the 30th of April 2023, the Board of Directors of the Company advised shareholders that the company was engaged in discussions that involved a potential transaction that could have a material impact on the company’s shares. The transaction involved raising capital for the company’s major capital expenditure programme through the issuance of shares by way of a rights offer.
“The cautionary was subsequently withdrawn in order to allow engagements to take place between company stakeholders regarding the funding of the capital expenditure programme. The company is now well placed to move forward with the rights offer.”
The company advised its shareholders that full details of the transaction will be availed in due course.
Turnall is engaged in the production of building and construction materials comprising corrugated sheeting, flat sheets, pan tiles, pressure pipes, sewer pipes, concrete roofing tiles and related accessories. The company operates through the segments, which include Building products, Piping products and Concrete tile.
The building products segment is engaged in the production of roofing sheets, flat sheets and molded goods. Its piping products segment is engaged in the production of water and sewer reticulation pipes. The Concrete tile segment is engaged in the production of concrete roofing products.
It offers products, including garden decor, partition boards, barges, fascia, pantiles, slate and endurites. Its product line also includes Ravenna concrete tile, Nutech non asbestos sheets and Turnall Spanish pavers. The company has its market presence in South Africa, Mozambique, Zambia and Malawi.-ebusinessweekly
