The offer is from Asian Investment Management Services (AIMS), which holds an 11.3% stake in the company.
The offer will remain open for acceptance for a period of 21 calendar days from the date on which the company forwards the offer letter to its shareholders; Chagala said the letter will be on its web site - www.chagalagroup.com/investor-relations/investor-presentations – from 10.00am today.
The directors are standing on the sidelines on this one, making no recommendation as to whether shareholders should accept the offer.
READ: Chagala Group shares suspended as publication of 2017 accounts delayed pending audit completion
Trading in Chagala's shares was suspended at US$1.25 at the beginning of May pending the completion of the audit of its 2017 accounts.