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Shareholders approve Furnmart delisting

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FILE PIC: Furnmart

Majority of Furnmart shareholders have yesterday given thumbs up to the furniture company’s decision to de-list its shares from the stock market.

At an Extra General Meeting (EGM) held yesterday morning at the company Head Office, over 87 percent shareholders voted in favour of the decision against 11 percent who opposed the move.

This means now the retail furniture entity will go ahead to repurchase shares from shareholders, starting from today until the 4th of January next year and has proposed to repurchase them at P0.65 per share.

Furnmart which listed its shares on the stock market in 1998 has blamed Botswana Stock Exchange Limited (BSEL) new rules for exiting the bourse.

The rules are set to become into effect beginning of next month.

The furniture shop decries that once new rules are into effect; it may no longer satisfy the conditions of remaining listed as it would not meet the revised minimum free float when the permitted transition period elapses.