Chagonda is new Afre chairperson

the NSSA chairman, replaces Mr Tawanda Nyambirai who steps down after Econet sold its 19,7 percent stake in the insurance conglomerate.
This brings the pension fund’s total control in
Afre to about 52 percent as NSSA controlled an additional 32 percent through Renaissance Merchant Bank.
NSSA general manager Mr James Matiza and Dr Chris Hokonya will also replace Mr John Gould and Mrs Tracy Mpofu, respectively, on the board.
Mr Chagonda yesterday confirmed that they had written a letter to the Zimbabwe Stock Exchange advising them on the latest board changes.
“We have been appointed by the NSSA board
to replace Econet’s representatives,” said Mr Chagonda.
Sources said Econet representatives Mr George Nyashanu and Mr Krison Chirairo were likely to remain on the board to allow for continuity.
NSSA recently completed the takeover of
Renaissance Merchant Bank for a cash consideration of US$24 million, representing a 84 percent
stake.
According to the RMB deal, NSSA will inject US$9,8 million in cash into the bank, helping it
to meet the Reserve Bank of Zimbabwe’s minimum capital threshold of US$10 million for merchant banks.
Curator Mr Reggie Saruchera is winding up his operations at RMB after the curatorship period was extended to the end of this month.
The transaction will also result in the conversion into equity of a debt of US$8,5 million and the assumption of a debt of US$5,7 million owed to Econet by Renaissance Financial Holdings Limited and RMB.
Shares held by RFHL, Renaissance Investment Banking Corporation and Renaissance Securities in Afre would be transferred to RMB as settlement of US$13,3 million owed to RMB by RFHL.
Problems at Renaissance started after financial
mismanagement was unearthed at RFHL resulting in Mr Patterson Timba resigning from Afre in May last year.
This forced Econet to consider offloading its stake in the troubled institutions. Econet’s decision to divest also followed claims the firm had attempted a hostile takeover of Afre and RTG.
Mr Nyambirai was then appointed board member and non-executive chairperson along with the other four members, who are stepping down, paving the way for NSSA control.