First Capital Bank Limited has confirmed that several key regulatory conditions precedent have been satisfied in its proposed disposal of shares in Makasa Sun (Private) Limited, signalling steady progress toward finalising the transaction.
In a further cautionary statement issued by the bank’s board, First Capital said it had secured approval from the Reserve Bank of Zimbabwe Exchange Control division, a critical requirement for cross-border and investment-related transactions.
The bank also confirmed that competition regulatory approvals have been granted by both the COMESA Competition Commission and the Competition and Tariff Commission.
In addition, the transaction has received Capital Gains Withholding Tax clearance from the Zimbabwe Revenue Authority, removing another major regulatory hurdle.
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“The Board wishes to advise shareholders and the investing public that several conditions precedent to the proposed disposal of shares in Makasa Sun (Private) Limited have now been fulfilled,” the bank said in the statement.
The disposal relates to shares held by First Capital Bank together with its co-shareholder in Makasa Sun (Private) Limited. The development follows earlier cautionary announcements, including the latest issued on March 24, 2026, as well as a press statement released on November 19, 2025.
“The Company will issue a further announcement upon completion of the share transfer in accordance with the previously disclosed terms,” the bank said.
Pending finalisation of the transaction, shareholders and members of the investing public have been urged to remain cautious when dealing in the bank’s securities.
“Shareholders and the investing public are advised to continue exercising caution when trading in the Company’s shares until a full announcement is made,” the statement added.
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