Pretoria - Privately-held family investment holding company Geomer Investments, which has links with businessman Marcel Golding, has increased its stake in listed construction group Esor to 52.89 percent.Esor confirmed on Friday that Geomer Investments had increased its beneficial interest in the company and had, as required by the Companies Act, filed the required notice with the Takeover Regulation Panel.
Geomer Investments was obligated to make a mandatory offer to Esor shareholders to acquire all their shares after it increased its shareholding in Esor above 35 percent in October last year.
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This followed Geomer Investments increasing its stake in Esor to 42.39 percent when it acquired the 11.7 percent shareholding that was previously owned by Kamal Parbhu.
The mandatory offer closed in December and resulted in Geomer Investments increasing its stake in Esor to 49.44 percent.
Esor last month successfully raised R37.54 million through a rights offer, with 63.9 percent of the 98.79 million rights offer shares being taken up by Esor shareholders.