FBC owns 58,32 percent of
Chief executive Mr John Mushayavanhu told analysts that FBC shareholders will receive 0,39
The transaction will have to go through an extra-ordinary general meeting for approval from shareholders.
Mr Mushayavanhu said the EGM will be held sometime next month. If approved NSSA will emerge as the majority shareholder in the company. NSSA holds 35,1 percent in FBC while it has 13,1 percent in
Mr Mushayavanhu called it one of the biggest dividend payouts on the
He said FBC had disposed of its shareholding in
FBC had to request on a regular basis permission from the RBZ to keep holding on to its investment in
He said after distributing the
This is because the share is considered undervalued due to among other factors, perception that FBC had undue influence over the unit.
The decision to dispose the shareholding also came just after the group signed a
"That investment was the only one in the group which does not operate in the financial services business sector and is therefore non-core.
"The distribution of the
FBC had kept the shares it acquired after a client defaulted on a loan, waiting for the share price to gain before disposing of the asset.
FBC reported a 17 percent decline in the bottom line to
Meanwhile, managing director Mr
Mr Kenias Horonga the current financial director is now acting CEO.
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