19 January 2018
   
ED Shocker: Mugabe, 93, forgot he fired me
UK-ZIM: Mnangagwa exploits Brexit chance
MDC-T devastated by Bennet’s death
30 ZRP bosses fired, CIO spies too
Parliament: 11 G40 ministers, MPs fired
MDC-T’s Gutu scoffs at party HQ ban
Rule of law under threat – warns Mujuru
24 Nagle High girls up for O’Level fraud
MORE NEWS
SOE DEBATE: Privatise most parastatals
‘Mobile money tax will get dodger vendors’
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Tendai Ndoro special - says Ajax coach
Zim cricket official charged with fraud
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Chanakira gets US$12m for Kingdom exit
21/10/2013 00:00:00
by Business Reporter
 
Leaving with handy sum ... Nigel Chanakira
 
RELATED STORIES
I don’t take a bank to heaven, Chanakira

KINGDOM Financial Holdings founder Nigel Chanakira will receive US$12 million after selling his 30 percent interest in the financial services group to Mauritius-based banking group.

The Kingdom was renamed AfrAsia Zimbabwe Holdings after AfrAsia Bank moved in to help recapitalise the group.

Under the cash and equity swap deal Chanakira will exit the local unit but taking over AfrAsia’s 35,7 percent interest in Botswana-based Kingdom Bank Africa.

The banker will also step down as director of all AfrAsia Kingdom Holdings Limited and its associated units but keep hold of the “Kingdom” trademark from AKZL.

AfrAsia will immediately provide US$10 million liquidity support to the local bank and also raise US$20 million in additional capital.

“The total consideration payable by the company comprises US$2,5 million cash and the balance through cessation of certain claims against loan debtors and related security assets held by Kingdom Bank Limited (KBL),” said AKZL.

Initially, AfrAsia held a 35 percent stake in the local bank which was acquired in January last year for about $9,5 million.

Chanakira said the decision to sell his stake was a difficult one but he had decided to exit AKZL after considering his obligations in relation to the liquidity and capital requirements of the group as a whole.

He said was persuaded by new and emerging opportunities that have been created in the financial services sector to pursue interests outside AZKL such as private equity investment.

“I have particularly been delighted to have been part of this Group which has and continues to be a respected player in the financial sector in Zimbabwe,” he said.

“However, in life sometimes one is confronted with major decisions that shape your future, and for me, this is that one moment.

“I will remain invested in the financial services sector through Botswana based Kingdom Bank Africa Limited and will be exploring opportunities in Zimbabwe and the region.”



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker