The Competition and Tariff Commission (CTC) has resolved that CBZ Holdings Limited (CHZHL) must maintain 31.22% shareholding in First Mutual Holdings Limited (FMHL) which was initially approved by the Commission.
CBZHL sought to acquire additional shareholding in FMHL through a Mandatory Offer to minority shareholders in accordance with the ZSE Listing Requirements and the Companies and Other Business Entities Act (Chapter 24:31).
The company made the mandatory Offer to all remaining FMHL shareholders and sought the CTC’s approval.
Over the years the banking group has shored up its shareholding in FMHL. In September 2023 they initially acquired 14,428,149 shares, constituting 1.9% shareholding in FMHL which was then increased the shareholding to 31.22% after purchasing the National Social Security Authority (NSSA) stake in FMHL.
The CTC made its final resolution on 29 November 2024 putting to rest CBZHL’s pursuit of the transaction.
The banking group will no longer be proceeding with the Mandatory Offer to the Minority
Shareholders in First Mutual Holdings Limited.
