adminTHE Deposit Protection Corporation (DPC) has opened tenders for investors willing to acquire the entire shareholding in Tetrad Investment Bank.
DPC was appointed the provisional judicial manager of the lender from July 1, 2015.
In turn, DPC appointed Mr Ngoni Kudenga of BDO Zimbabwe Chartered Accountants (BDO) as its provisional judicial management agent in terms of section 38 (1) of the Deposit Protection Act.
In a joint statement on Thursday, BDO and DPC said: “Tenders are hereby invited from the interested parties to acquire the entire shareholding in Tetrad.”
Interested parties are required to register their interest with Tetrad Transaction Advisors by August 21, 2015.
On August 4, 2015, DPC reported that shareholders had brought one investor who was undertaking a due diligence before discussions of their offer.
DPC also said it was at a stage “where we are independently inviting other potential investors for Expression of Interest in investing into the bank”.
Tetrad was placed under provisional judicial management by the High Court in February 2015 to safeguard the interests of depositors and creditors.
Judicial management is a process that gives prime consideration to rescuing distressed companies as a going concern through the formulation and implementation of a reconstruction plan.
Tetrad Investment Bank was born out of Tetrad Securities Limited, Zimbabwe’s largest discount house registered in 1996.
In 2009 Tetrad Securities Limited was granted a merchant banking licence by the Reserve Bank of Zimbabwe and became Tetrad Investment Bank.
derick.khumalo
Online Reporter