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The structure now includes Mauritius based financial services group, AfrAsia Bank Limited (ABL) which became a major shareholder in KFHL after it acquired a 35 percent stake following a deal in which it pumped $9,5 million into the Zimbabwean financial group last month.
The funding allowed KFHL subsidiary, Kingdom Bank to meet the $12,5 million, Reserve Bank of Zimbabwe capital requirement for commercial banking institutions.
KFHL further raised $2,8 million through a rights issue.
To reflect the change in the shareholding structure, KFHL will at its annual general meeting set for 29 May, 2012 seek the approval of its shareholders to adopt the name change.
At the AGM, KFHL will as a special resolution seek to “approve a name change for the company from Kingdom Financial Holdings Limited to AfrAsia-Kingdom Zimbabwe Limited following the establishment of a partnership with AfrAsia Bank Limited Group”.
Special resolutions require at least three quarters of shareholders present to support the move.
To reflect the changes in ownership structure on the board of directors, KFHL will also seek shareholder approval to appoint two ABL representatives, James Bernoit and Kamben Padaychy on its board.
At the conclusion of the deal, KFHL said AfrAsia’s investment paved way for the financial services group to accelerate its strategic initiatives to consolidate the operations of its key subsidiaries.
AfrAsia, which also has operations in South Africa, has other subsidiaries involved in asset management and investment banking.—New Ziana.
Online Reporter