CBZ set publish specific details of the mandatory ...

CBZ set publish specific details of the mandatory offer to FMHL

Zim Now Writer

CBZ Holdings Limited is set to publish a detailed circular with specific details of the mandatory offer to First Mutual Holdings Limited.

On October 26, 2021, CBZ Holdings Limited signed a share purchase agreement with the National Social Security Authority to acquire 226 997 219, (36.35%) FMHL shares that were then held by Nssa.

In an announcement dated October 10, 2023 by CBZHL to FMHL shareholders, the FMHL shareholders were advised that the above-mentioned acquisition had become unconditional and had been completed.

In their announcement, CBZHL stated that, in accordance with the Zimbabwe Stock Exchange Listing Requirements and the Companies and Other Business Entities Act (Chapter 24:31), CBZHL is required to make a mandatory offer to all remaining FMHL shareholders.

Accordingly, CBZHL advised FMHL shareholders that specific details of the mandatory offer would be published.

“FMHL shareholders are advised that CBZHL is preparing to publish a detailed report with specific details of the Mandatory Offer. This exercise is underway, and due process is being followed.

“As this may have a material effect on the price of the Company’s securities, shareholders are advised to exercise caution when dealing in the Company’s securities pending publication of the CBZHL offer to FMHL minorities,” CBZHL said.