Shares in Torre climb after it announces plans to delist
An announcement by Torre Industries that it intends delisting sent its share price up 36% to 99c on Monday. At 99c, Torre has a market capitalisation of R509m. In its interim results, Torre said its net asset value (NAV) per share at December 31 was R1.82. Torre’s 57%-owner Stellar Capital’s share price rose 6.8% to 63c. Stellar and Torre are part of Christo Wiese’s stable of companies. Torre’s announcement did not give a price at which the group proposed to buy out minority shareholders. It said it had established an independent delisting committee that would recommend an appropriate offer price. The industrial holding company said it was in the process of raising its empowerment level from 29% to 51%. "The board is of the view that the empowerment requirement will be significantly easier to achieve in an unlisted environment," Torre said in Monday’s statement. Torre last week announced a R33m acquisition of Buccaneer Slurry Pumps. Stellar, which has a market capitalisation of R677...
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