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Chris Muronzi
TN Financial Holdings Ltd (TNFH) has acquired a majority stake in Pelhams, in a deal that positions the diversified group as controlling the country’s largest furniture retail company. CEO Tawanda Nyambirai told businessdigest this week his group had bought an additional 22% stake in Pelhams.
“We bought 22% of Pelhams at 0,71 per share,” he said. The 22% stake is believed to have been held by Anglo American Corporation executive Godfrey Gomwe. The latest acquisition brings TNFH’s shareholding to around 56% of Pelhams’ total issued share capital.
This comes after TN Asset Management Nominees, an investment company representing Nyambirai, bought businessman Oliver Chidawu’s stake in a special bargain of 358 207 502 shares at 0,71c, translating to around 36% of Pelhams’ total issued share capital in a deal brokered by ISB Stockbrokers in October last year. Chidawu had placed the shares as collateral for a US$3 million loan from businessman Jayesh Shah. After Chidawu failed to honour the terms of the loan agreement, Shah sold the collateral to TN Asset Management Nominees.
Chidawu attempted to block the transaction through an urgent court application but the court dismissed the application on the grounds that it was not urgent. Asked whether TNFH would call for an AGM to second its nominees to the board, Nyambirai said he was talking to the current directors, adding that the appointment of board members to represent the group’s interests would not be hostile.
“We will talk to them (directors). We want to integrate Pelhams into the TN family and want to do so without hostility,” said Nyambirai. Shares in Pelhams have been changing hands since December. TNFH has interests in financial services and furniture.
TN Holdings to lauch fast food business
TN Holdings is adding a fast food business to its ever-growing portfolio.
Chairman Tawanda Nyambirai said TNFH would be launching TN Grill that he hopes to position above Innscor’s Chicken Inn, a famous fast food chain with middle income earners.
“We are going to launch five outlets. They will be located in town,” said Nyambirai. “In terms of market placement, TN Grill will be just above Chicken Inn.”
Nyambirai discounted speculation on the market that he was looking at bolstering his position in the furniture retail business through the acquisition of an Innscor retail unit.
TNFH FD George Nyashanu had not responded to businessdigest’s enquiries for further information on the new business by the time of going to press.
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