Cassava changes name
Cassava Smartech Zimbabwe Limited’s name change to EcoCash Holdings Zimbabwe Limited, will be effective next month.
This is after obtaining a change of name certificate following completion of filing procedures with the Registrar of Companies.
The company expects to obtain the certificate on or before February 24, 2022, according to a circular by the group.
The company has already secured the written consent of the Registrar of Companies to change its name to EcoCash Holdings Zimbabwe Limited, in accordance with the provisions of Section 26 of the Companies and Other Business Entities Act, (Chapter 24:31).
The proposed name “EcoCash Holdings Zimbabwe Limited” was approved by the Registrar of Companies on June 14, 2021 and has been reserved.
The local bourse, the Zimbabwe Stock Exchange (ZSE) also approved the change of name on December 17, 2021, with a ZSE code: EHZL and ISIN: ZW0009012437.
“The new name is effective from the date of issuance of the certificate of change of name by the Registrar of Companies. The company is currently carrying out all necessary filing procedures with the Registrar of Companies to obtain the change of name certificate.
“The company expects to be issued with the registration certificate on or before 24 February 2022,” said Cassava.
In accordance with the ZSE Listings Requirements, the company will reflect the former name “Cassava Smartech Zimbabwe Limited” on all documents of title and circulars issued by the company for a period of one year after the effective date.
Shareholders approved the proposed name change at an extraordinary general meeting held on January 10, 2022 in Harare.
In line with the developments, Cassava shareholders who hold certificated shares must:
“complete the attached Form of Surrender and submit it to First Transfer Secretaries together with your documents of Title in order to receive replacement share certificates.
“Replacement share certificates will be issued on or about Friday, 4 March 2022 in respectof forms of surrender received together with Documents of Title by 12h00 (12 noon) on Monday, 28 February 2022 and thereafter within 5 Business Days of receipt of such forms of surrender received together with Documents of Title.”
Shareholders who hold dematerialised shares, do not need to take any further action as their central securities depository participant (CSDP) or broker will arrange for their account to be updated with the replacement ordinary shares.
Cassava said the rationale for the name change included the fact that its controlling shareholder — Econet Global Limited owned other businesses outside Zimbabwe that have the word “Cassava” in their name.
Apart from the common shareholder, such businesses are separate from the company.
Additionally, the proposed change of name is intended to avoid confusion and to align the name of the company with its main operating subsidiary, EcoCash (Private) Limited.
During the half year to August 31, 2021, EcoCash maintained a steady growth trajectory with transaction values and wallet funding on the upward trend compared to the same period at 25 percent and 54 percent respectively.
The group’s mobile money segment revenue grew to $6,3 billion from $5,3 billion attained during the same period ended August 31, 2020.-ebusinessweekly
