NSSA Cedes 33% Stake In Turnall Holdings

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By Alois Vinga

NATIONAL Social Security Authority (NSSA) is set to cede 32.5 % stake in listed roofing and building products manufacturer, Turnall Holdings Limited (THL).

In a cautionary statement, THL urged the shareholders to exercise caution until the transaction is completed.

“The board of directors of Turnall Holdings Limited advises all shareholders that one of the company’s shareholders, National Social Security Authority (NSSA) intends to dispose its 32.5 % shareholding in the business as part of its investments consolidation strategy,” the company said.

The development that may result in a transaction that can have a material impact on the value of the company’s shares.

The board therefore advises shareholders to exercise caution when dealing in their THL shares and to consult their professional advisers before dealing in their shares until such a time the results of the said transaction are known.

“The board advises shareholders that the company’s unaudited financial performance for the year and the company forecasts further improvements in the current year 2021,” added THL.

The authority has been disposing stake in various investment portfolios since last year.

NSSA is set to dispose of its 35.09% stake in Fidelity Life Assurance (FLA) to Zimre Holdings Limited (ZHL).

The acquisition was done through a share swap agreement where NSSA will be issued with 65,14 million authorised but unissued ZHL shares on the basis of one ZHL ordinary share for every 0.59 FLA shares held by NSSA.

Another 37,79% stake in ZB Bank was also disposed to an entity linked to business tycoon and President Emmerson Mnangagwa’s adviser, Kuda Tagwirei.

Key stakeholders like the Zimbabwe Congress of Trade Unions (ZCTU) which has a board member representing workers’ interests in NSSA, have since criticised the authority for implementing the decisions without input from key stakeholders.

But NSSA has dismissed such claims arguing that the transactions being undertaken are above board and in line with new investment priorities.