Diversified financial services group FBC Holdings Limited is seeking shareholder approval for a special resolution to buy back its own shares at its Annual General Meeting at Royal Harare Golf Club on Thursday, 26 June 2025.
The company intends to execute the share buyback under section 50 of its Articles of Association and Section 128(1) of the Companies and Other Business Entities Act (Chapter 24:31).
The buyback will adhere to specific conditions. The purchase price must not be lower than the nominal value of the company’s shares and must not exceed or fall below 5% of the weighted average trading price over the five business days preceding the purchase date.
Ordinary shares will be the subject of the buyback, with a maximum of 10% of the ordinary shares in issue prior to the resolution. The buyback period is one year, and shares purchased will be held for treasury purposes.
Other AGM business includes consideration and adoption of the financial statements and the directors’ and auditors’ reports for the year ended 31 December 2024, along with the approval of dividends. Election of directors is also on the agenda.
Shareholders will also vote on the directors’ remuneration for the past financial year, the auditors’ remuneration, and the appointment of Axcentium Chartered Accountants as auditors, replacing KPMG Chartered Accountants (Zimbabwe).
