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Gijima goes ahead with JSE delisting

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Gijima’s delisting from the Johannesburg Securities Exchange (JSE) has been approved by shareholders and will be completed within the next month.

On 17 February, the company announced its intention to voluntarily delist from the JSE following the implementation of the buy-out of the minority shareholders by a company controlled by its founder and executive chairman R M Gumede of Guma Group.

The shareholders of Gijima voted in favour (99,38%) of resolutions on the buy-out of minorities and subsequent delisting from the JSE at a general meeting held on 2 April 2015.

The company is therefore in the midst of the de-listing process, the conclusion of which will be the second week of May 2015. The minority shareholders, who hold approximately 11% of the company, will then receive the R2.20 per share.

“Gijima reiterates that it will remain committed to high standards of good corporate governance and transparency in financial reporting post the de-listing to its stakeholders, including clients” the company said in a statement.

“As soon as we are out of a closed period post the delisting, we will continue to keep our stakeholders abreast of our solid and satisfactory turnaround progress, and the required salient supporting financial data. Guma as the 100% shareholder has committed to continue to provide both operational and financial support to Gijima as we continue with our successful turnaround and growth.”