THE directors of CBZ Holdings (CBZ) are seeking shareholder approval to conclude the acquisition of a 31,2 percent stake in First Mutual Holdings (FML) shares held by the National Social Security Authority (NSSA).
In a Zimbabwe Stock Exchange filing last week, the financial services group said it had reached an agreement with the state pension fund for the transaction.
Subject to shareholder approval, CBZ will acquire 226 997 219 FML ordinary shares.
The deal will give the country’s largest financial services group a foothold in one of the country’s largest insurance groups.
“CBZ and NSSA entered into a share purchase agreement in terms of which CBZ shall acquire a stake of 31,22 percent in FML shares held by NSSA to be settled by a combination of cash (30 percent) and an issuance of new CBZ shares to be allotted to NSSA (70 percent),” CBZ said in a circular to shareh
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