adminFinancial services group Africa First Renaissance Corporation (Afre) has reverted to trading under its old name First Mutual Holdings as it seeks to bury its troubled past and improve visibility. Afre shareholders approved the name change at the company’s annual general meeting held last month.
“Shareholders are advised that the name of Africa First Renaissance Corporation Limited has been changed to First Mutual Holdings Limited,” the company said.
The group, however, said the names of its subsidiaries remained unchanged.
FMH subsidiaries include First Mutual Life Assurance, Pearl Properties, Tristar Insurance, African Actuarial Consultants and FMRE Life and Health.
The company’s re-branding was mooted after a survey by consultants revealed that the Afre brand was not visible on the market.
“The new name that has been chosen to replace Africa First Renaissance Corporation Limited is simply First Mutual Holdings Limited. The new name draws on the history and the legacy of the First Mutual brand (and) we believe it emphasises stability and inspires market confidence.
“This is a name that has strong meaning and equity within the market and allows the brand to compete on both a local and international level,” said former group chairman Innocent Chagonda.
FMH commenced trading on the Zimbabwe Stock Exchange under the new name on Tuesday. — New Ziana.
Online Reporter
derick.khumalo