ZB acquires 50, 5% controlling stake in Mashonaland Holdings

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By Alois Vinga

LISTED financial services group, ZB Holdings has acquired a controlling stake in upmarket property company Mashonaland Holdings Limited following a successful purchase of stake previously held by minority shareholders in the latter.

In an update, the financier’s company secretary, Egnes Madhaka guided by Zimbabwe Stock Exchange Listings Rules, 2019 Statutory Instrument 134/209, said following the closure of the offer to acquire stake from minority players, the top bank successfully gained controlling stake.

“On conclusion of the offer to purchase the shares of the minority, the ZBHF Group’s shareholding in MHL is now 50, 5%. Having secured beyond 50%shareholding in MHL, the ZBFH Group now holds controlling interest in the company.

“The company will remain listed on the ZSE and the existing MHL governance framework will be maintained” she said.

Market speculators believe that the coming on board of a renowned shareholder with traceable impact in the banking sector positions the property firm to scale dizzy heights going forward.

MHL has a property portfolio mix made up of 6% pure retail, office /retail mixed use of 47%, Industrial 43%, specialized 2% and residential 3%.

The property concern’s current share price is ZW$11,00as at its last trading day March 10 2023.