Chronicle Editor
Harare Bureau
TRADING on the Zimbabwe Stock Exchange (ZB) was yesterday boosted by a $1,6 billion trade in ZB Financial Holdings.
A total 66,528,658 shares changed hands and that means the financial services Group now has a new major shareholder owning 37,79 percent.
The new shareholder is an investment vehicle reportedly linked to a local businessman whose name cannot be disclosed in the meantime.
Prior to this deal the National Social Security Authority (Nssa) was the major shareholder owning 37,79 percent.
Transnational Holdings Limited (THL), which is linked to veteran banker Nicholas Vingirai, is the second major shareholder with a 21,44 percent.
According to the Banking Act Section 26 sub section 3 (a) before approving the acquisition of a significant interest in a banking institution, the Registrar shall, through the (RBZ) Governor, consult the Minister (of Finance and Economic Development) and shall provide the minister with such information regarding the proposed acquisition as the minister may reasonably require.
In addition, no person shall knowingly acquire or obtain a significant interest in a banking institution unless the Registrar has given his written approval of the acquisition.
Also no banking institution shall permit any one person to acquire or obtain a significant interest in it unless the Registrar has given his written approval of the acquisition.
As a result of the ZB Financial Holdings deal, $2,4 billion worth of shares changed hands on the day. This is the highest single day turnover in years.
CBZ also got a sizeable chunk amounting to $620 million recently.
Cafca was the day’s top riser up 19,97 percent to $73,25 while Masimba gained 18,83 percent to $6.
Zimplow led the shakers down 2,17 percent to $4,5. Meanwhile, shares worth $40 million and constituting roughly five percent or of Powerspeed changed hands on Friday last week at price of $1,92 per share.
The transaction come as Powerspeed, which is originally a light engineering business focused on the electrical sector, but now dominated by the Electrosales retail operation, plans to delist from the ZSE.
Online Reporter