LISTED construction and manufacturing company, Masimba Holdings, is to separately list its plastics manufacturing subsidiary, Proplastics, on the Zimbabwe Stock Exchange (ZSE) next week, the Financial Gazette's Companies & Markets (C&M) can report.
The move follows a successful restructuring exercise that resulted in the group unbundling the plastics manufacturing subsidiary, from the construction business. Sources said Proplastics would list through a dividend-in-specie, by which Masimba will allocate shares in the plastics making company to its own shareholders.
The allocation of shares will reflect the shareholding in Masimba. The sources indicated that the listing was likely to happen on Monday. The listing would be the second on the ZSE in six years after that of Padenga Holdings which also listed through a dividend-in-specie following its unbundling from Innscor Africa in 2010.
