FMB | Further Cautionary Statement

By Published On: June 9th, 2017Categories: Corporate announcement

Corporate Restructuring

Further to the Cautionary Statement issued by the Board on 28 March 2017, the Directors of First Merchant Bank PLC (“FMB”) wish to advise their shareholders and other stakeholders that the process to restructure the company is still ongoing. An offer document to transfer all shares in FMB to FMB Capital Holdings Plc (“FMBCH”), a company incorporated in Mauritius, will be issued in the coming weeks. On conclusion of the offer period, an application will be made to the Malawi Stock Exchange to list the shares of FMBCH and delist the shares of FMB.

Acquisition of a controlling shareholding in Barclays Bank Zimbabwe Limited

Further to the above, the Directors of FMBCH are pleased to announce that, following negotiations between FMBCH and Barclays Bank PLC (“BBPLC”), an agreement has been signed between BBPLC and FMBCH, pursuant to which FMBCH will acquire the BBPLC’s majority shareholding in Barclays Bank of Zimbabwe Limited (“BBZ”), subject to certain terms and conditions (“the Transaction”).

BBPLC and FMBCH are in the process of fulfilling the conditions precedent to the Transaction. Shareholders and the public are therefore advised that the Transaction is subject to statutory, regulatory and other approvals and, as such, they should continue to exercise caution and to consult their professional advisors when dealing in the shares of FMB.

Further details regarding this Transaction will be made available in the circulars of FMB and BBZ to be published in due course.

By order of the Board

Oswald Mtokale
Company Secretary

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.