On October 1, 2021, Pangani Ltd acquired 90,000,000 of Segera Ltds 150,000,000 TZS 1 equity shares. The acquisition was achieved through a share exchange of one share in Pangani Ltd for every three shares in Segera Ltd. At that date the stock market prices of Pangani Ltds and Segera Ltds shares were TZS 4/= and TZS 250 per share respectively. Additionally, Pangani Ltd will pay TZS 154 cash on September 30, 2022 for each share acquired. Pangani Ltds finance cost is 10% per annum. The retained earnings of Segera Ltd brought forward at April 1, 2021 were TZS 120,000,000/=.