{"id":54010,"date":"2022-02-02T21:43:18","date_gmt":"2022-02-02T19:43:18","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=54010"},"modified":"2022-02-02T20:49:28","modified_gmt":"2022-02-02T18:49:28","slug":"cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual","title":{"rendered":"CBZ Gets Shareholders\u2019 Approval To Acquire NSSA Shares In First Mutual"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>CBZ Holdings Limited (CBZHL) is set to complete the acquisition of a 31.22 percent stake in First Mutual Holdings (FMHL) following approval of the transaction by shareholders at an extraordinary general meeting on Monday.<\/p>\n

Group chairman, Marc Holtzman, said the main aim for the transaction was to create an institution that is well-calibrated to take any local risk and support operations in the region. He said during a post-EGM briefing to journalists:<\/p>\n

The intention is to have one big, strong insurance company; therefore, the idea is to merge the operations in the short term and this will be done as soon as possible.<\/p>\n

Prior to the transaction, CBZHL held a 3.23 percent shareholding in FMHL through a special purpose vehicle, PIM Nominees (Pvt) Limited.<\/p>\n

The acquisition of the additional shares from NSSA, constituting 31.22 percent of the issued ordinary shares of FMHL, takes CBZ Holdings total shareholding to approximately 34.45 percent.<\/p>\n

Mr Holtzman said the transaction would be a mixture of cash US$21 million to be paid in 18 months and equity.<\/p>\n

Cash will be raised from the group\u2019s assets and of the US$21 million, US$10 million will be paid within ten days of the fulfilment or waiver of the conditions precedent.<\/p>\n

More: The Chronicle<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. CBZ Holdings Limited (CBZHL) is set to complete the acquisition of a 31.22 percent stake in First Mutual Holdings (FMHL) following approval of the transaction by shareholders at an extraordinary general meeting on Monday. Group chairman, Marc Holtzman, said the main aim for the transaction was to create an institution that is […]<\/p>\n","protected":false},"author":84,"featured_media":54009,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,8410,8411,1774,19],"class_list":{"0":"post-54010","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-commercial-bank-of-zimbabwe-cbz","14":"tag-first-mutual-limited","15":"tag-national-social-security-authority-nssa","16":"tag-zimbabwe"},"yoast_head":"\nCBZ Gets Shareholders\u2019 Approval To Acquire NSSA Shares In First Mutual - zimbabwe<\/title>\n<meta name=\"description\" content=\"CBZ Holdings Limited (CBZHL) is set to complete the acquisition of a 31.22 percent stake in First Mutual Holdings (FMHL) ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBZ Gets Shareholders\u2019 Approval To Acquire NSSA Shares In First Mutual\" \/>\n<meta property=\"og:description\" content=\"CBZ Holdings Limited (CBZHL) is set to complete the acquisition of a 31.22 percent stake in First Mutual Holdings (FMHL) ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-02T19:43:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-02T18:49:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/02\/img-61fad22029f0d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"296\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-gets-shareholders-approval-to-acquire-nssa-shares-in-first-mutual\",\"name\":\"CBZ Gets Shareholders\u2019 Approval To Acquire NSSA Shares In First Mutual - 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