New Zimbabwe.com

Cassava Smartech Zimbabwe Limited Switches Identity

Spread This News

By Alois Vinga


CASSAVA Smartech Zimbabwe Limited (CSZL) is set to change its name in a move aimed at avoiding duplicity with other portfolios held in Econet Global Limited.

In a circular to shareholders Monday, CSZL notified shareholders that it intends to rebrand to Ecocash Holdings Zimbabwe Limited in line with the management board’s resolution of August 2, 2021 which approved the name change.

“The name of the company be changed to Ecocash Holdings Zimbabwe Limited  (EHZL) and that the name shall  be substituted for CSZL  in the Memorandum and Articles of Association of the company and in all other documents relates company documents,” the company’s board chairperson Sherree Shereni said.

The pending transaction is expected to be granted the green light through a pending Extra Ordinary General Meeting by shareholders.

“The company’s controlling shareholder, Econet Global Limited owns other businesses outside Zimbabwe that have the word “Cassava” in their name. Apart from the common shareholder, such businesses are separate from the company. Furthermore, the proposed change of name is intended to avoid confusion and to align the name of the company with the main operating subsidiary, EcoCash (Private) Limited,” said Shereni

Shareholders whose shares were dematerialised do not hold share certificates and consequently there is no surrender procedure applicable to them as their shareholding particulars will be automatically updated.

“Certificated Cassava Shareholders should complete the form of surrender and return it to the Transfer Secretaries. Share certificates reflecting “EcoCash Holdings Zimbabwe Limited”, as the issuer thereof, will be posted on or about 4 March 2022, by registered post in Zimbabwe, to Certificated shareholders, at their own risk,” added Shereni.