Afre boss steps down

group’s strategic plan.
Mr Timba has over 30 percent shareholding in Afre. He became executive chairman in 2006, a year after his financial services group, Renaissance Financial Holdings, embarked on the acquisition of the Afre Group.
Afre corporate affairs manager Mr Gerald Chinogara confirmed that Mr Timba had stepped down, but referred further questions to Mrs Rachel Kupara, the group’s new non-executive chairperson.
Group chief operating officer Ms Sibusisiwe Ndlovu has immediately been appointed group chief executive in an acting capacity.
“Mrs Kupara is handling media enquiries on the issue,” said Mr Chinogara.
Mrs Kupara had not responded to questions from Herald Business at the time of going to press. But sources said it had been the group’s strategic plan for Mr Timba to relinquish the position.
Mr Timba was initially set to step down from his executive capacity to become non-executive chairman, but he has since opted to leave the group. Insiders said his departure was in line with the long-term objectives of the organisation and would not in any way affect Afre’s operations.
He founded Renaissance Financial Advisory Services in 1999 and an organic growth saw the setting up of a merchant bank and a brokerage firm in 2004 and the acquisition of Renaissance Capital Uganda in 2005.
Renaissance began the process of acquiring Zimbabwe Stock Exchange-listed First Mutual Limited in 2005. The group now has interests in investment banking, insurance and real estate.
The investment banking business comprises ReNaissance Merchant Bank Limited, ReNaissance Securities Limited (a brokerage house) and ReNaissance Capital Limited based in Uganda.
Renaissance Holdings insurance assets are held through the listed Africa First ReNaissance Corporation Limited (Afre Corporation).
These include First Mutual Life Assurance Company (life assurance), Tristar Insurance Company Limited (short- term/general insurer), FMRE Property & Casualty (Private) Limited (short-term reinsurer), FMRE Property & Casualty (Proprietary) Limited (also a short-term reinsurer based in Botswana).
The group also controls FMRE Life & Health (Private) Limited (reinsurer), African Actuarial Consultants Limited (an actuarial) and Pearl Properties Limited, a separate Zimbabwe Stock Exchange-listed company.