Lead party: Continental Reinsurance Holdings (issuer)
Coverage: The Meridian legal market record (editorial).
Continental Reinsurance Holdings has revised its planned initial public offering on the Botswana Stock Exchange after ACA Cornerstone, a shareholder vehicle controlled by the company’s promoters, agreed to retain its entire 14.8% stake for at least five years after listing, subject to conditions.
The original August offering envisaged total proceeds of BWP2.13bn (US$156.1m), including BWP1.72bn (US$126.1m) for selling shareholders and BWP409m (US$30m) of new capital. The company still targets about US$30m of new capital; the revised secondary sale size was not specified.
Legal counsel: not disclosed in the source.
Sources: ghostmail.co.za
