ZB increases stake in Mashonaland Holdings
ZB Financial Holdings (ZBFH) says it now holds a controlling 50,58 percent stake in
fellow Zimbabwe Stock Exchange (ZSE) listed property firm Mashonaland Holdings, after
completing its offer to minority shareholders.
This comes after ZB last year acquired a control block of 40,59 percent shareholding in
Mashonaland Holding, obligating the financial services group to make a mandatory offer
to the minority shareholders of Mashonaland Holdings.
The offer was announced on December 20, 2022, opened on December 21, 2022, and
closed on January 27, 2023.
“ZBFH has since paid the total purchase consideration of the shares tendered in terms of
the offer and accordingly ZBFH now holds a control block of the outstanding shares in
Mashonaland Holdings Limited.
“We wish to thank all the shareholders and the investing public for their continued
support and confidence in the ZBFH vision,” ZHH said in a statement.
According to ZBH, a total 73 970 shares were tendered for the offer to minorities,
representing 0,0044 percent. Shares held by minority shareholders have reduced to
833,930,561, representing 49,41 percent of the total issued. Shares held by ZBFH and its
associates after the offer to minorities now stand at 853,822,947, representing 50,58
percent of the total shares in issue.
Mash Holdings is a property sector-oriented company, which is engaged in property
investment and development. The company is focused on the delivery and investment
management of commercial, industrial, retail, specialised and residential properties and
it operates through four segments namely Office segment, Industrial segment, Pure
Retail, and Other.
Pamela Chiromo, the ZBFH chairman, said the company intended to support the business
in developing its land banks as well as repurposing some properties in line with the real
estate market trends to enhance Mashonaland Holdings’ competitiveness.
“ZBFH also intends to regain control of the company and influence its strategic direction
to unlock trapped value and in the process unleash the latent potential of its
underwriting business,” she said.
Under the office segment, Mashholdings acquires, develops and leases offices and shops
housed in office complexes.
The industrial segment acquires, develops, and leases warehouses and factories. The
pure retail segment acquires, develops, and leases shops. The Other segment comprises
residential, specialised, and undeveloped land. The company’s properties are located in
Harare, Ruwa, Bulawayo, Kwekwe and Nyanga and are suitable for an office park,
commercial,retail, industrial and residential development.
Its properties include the Subdivision of Stand 854 Ruwa, Supermarket in Houghton
Park, and Corporate Offices in Belgravia.
ZBFH is a holding company for a group of companies, which have been providing
commercial banking, merchant banking and other financial services. The Company
operates in four segments, including banking, fund management, reinsurance and life
assurance, and other.-The Herald
