Vusumuzi Dube
Judith Phiri, Business Reporter
CBZ Holdings Limited has concluded an agreement to acquire 31,22 percent stake in First Mutual Holdings Limited held by the National Social Security Authority (NSSA).
In 2021, NSSA, announced the intent to reduce its stake in First Mutual Holdings Limited from 66,22 percent in line with its investment strategy.
In a joint statement, CBZ Holdings Limited and NSSA said the agreement has been concluded.
“CBZ Holdings Limited (CBZHL) and the National Social Security Authority (NSSA) jointly wish to advise all stakeholders that in October 2021, they executed a Share Purchase and Sale Agreement (the Agreement) in terms of which NSSA sold to CBZHL 31.22 percent of its shareholding in First Mutual Holdings Limited (FMHL) (the Transaction).
“The Transaction was approved by CBZHL Shareholders at an Extraordinary General Meeting held on 31 January 2022. All the required approvals have now been obtained and administrative aspects of the Agreement have been concluded,” read part of the statement.
Upon transfer of the shares purchased, CBZ Holdings Limited will become a significant shareholder of First Mutual Holdings Limited.
First Mutual Holdings Limited is a leading financial services group that is creating value through risk management, wealth creation and wealth management predominantly in the insurance sector.
The Group has more than a hundred years of serving Zimbabwe by provision of economic dignity though its strategic business units.
They have diverse interests in life assurance, health insurance, short term insurance; short term re-insurance; long term re-insurance; wealth management, property sector, funeral services and microfinance.
These are housed under subsidiaries such as First Mutual Life, First Mutual Health, NicozDiamond Insurance, First Mutual Reinsurance, FMRE Property & Casualty (Botswana) First Mutual Wealth Management, First Mutual Properties, First Mutual Funeral Services and First Mutual Microfinance.
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