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Chipo Chaumba
Zimbabwe Stock Exchange-listed insurance concern, Fidelity Life Assurance Zimbabwe is moving ahead with plans to restructure its capital structure.
The company today has updated its previous cautionary statements on the matter
In the new cautionary, Fidelity Life company secretary Chipo Matongo said:
“Further to the cautionary announcement dated 22 July 2019, and subsequent updates on 27 August, 23 September, 14 October, 04 November, 25 November 2019 and 16 December 2019, the Directors of Fidelity Life Assurance Zimbabwe Limited wish to advise all shareholders and the investing public that the company is still engaged in discussions that involve a potential transaction that may have a material impact on the value of the company’s shares.
“The transaction involves the restructuring of the company’s capital structure through the issuance of shares by way of a rights offer.
“Further details of the transaction will be provided once discussions have been finalized.
Shareholders are therefore advised to exercise caution when trading in the Company’s shares.’’
The company’s capital is made up of $22 million in equity while the balance of $231 million is in liabilities.
Online Reporter