Business Reporter —
PROPERTY concern, Pearl Properties will seek shareholder approval to re-brand to First Mutual Properties Limited at the annual general meeting set for June. Pearl is a subsidiary of the country’s second largest insurance firm First Mutual Holdings Limited.
The name change is listed among the key resolutions to be tabled at the AGM that will be held on the June 2, in Harare.
“As a special resolution, that subject to the written approval of the Registrar of Companies in terms of section 25 of the Companies Act, the name of the company shall be changed from Pearl Properties (2006) to First Mutual Properties Limited. Section 1 of the company’s memorandum of association shall be amended accordingly,” said Pearl Properties in a notice to shareholders.
Meanwhile, the same AGM will see the board seek approval for a share buy-back which is expected to improve the company’s working capital. The acquisitions shall be of ordinary shares which in aggregate in any one financial year shall not exceed 10 percent of the company’s issued ordinary share capital.
In addition to that:
“The maximum and minimum prices, respectively, at which such ordinary shares may be acquired will be the weighted of the average of the market price at which such ordinary shares are traded on the Zimbabwe Stock Exchange, as determined over the five business days immediately preceding the day of purchase of such ordinary share of the company and shall not be less than the nominal value of the company’s shares,” said Pearl. Management is upbeat that the share buy-back scheme will enable the company to pay its debts while its assets will be in excess of its liabilities.
“There will be adequate ordinary capital and reserves in the company for a period of 12 months after the date of the notice,” said Pearl.