A majority shareholder in the listed eco-tourism company, Wilderness Safaris, has made an offer to the company to buy its shares and possibly delist it.
On Tuesday this week, African Wildlife Holdings (AWH) announced its intention to acquire all the issued shares in Wilderness.
Wilderness, a company which has been heavily linked to former President Ian Khama, came under spotlight two years ago when it was one of the two shortlisted companies set to acquire Air Botswana before it pulled out of the deal following a public backlash.
This week, Wilderness announced that AWH, a United States based company has made an offer other than those held by AWH and other shareholders.
Currently AWH holds about 25.31 percent of Wilderness issues shares.
According to a statement from Wilderness, a number of factors were considered before arriving at the decision for AWH to acquire the remaining shares of Wilderness and delist it from both Botswana Stock Exchange Limited (BSEL) and Johannesburg Stock Exchange (JSE).
Among the factors is said to be the on-going cost to retain Wilderness’ listing on the BSE and JSE and limited trading liquidity on both stock exchanges.
The board of Wilderness is reportedly in favour of exiting the stock market considering the prevailing conditions.
Following the fulfillment of the conditions of the offer to buy the shares, and subject to the passing of the Delisting Resolutions, Wilderness says it will then make an application to both the BSE and JSE for the termination of all the Wilderness shares from both the two stock markets.