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Tapiwanashe Mangwiro Senior Business Reporter

ZB Financial Holdings (ZBFH) says it now holds a controlling 50,58 percent stake in fellow Zimbabwe Stock Exchange (ZSE) listed property firm Mashonaland Holdings, after completing its offer to minority shareholders.

This comes after ZB last year acquired a control block of 40,59 percent shareholding in Mashonaland Holding, obligating the financial services group to make a mandatory offer to the minority shareholders of Mashonaland Holdings.

The offer was announced on December 20, 2022, opened on December 21, 2022, and closed on January 27, 2023.

“ZBFH has since paid the total purchase consideration of the shares tendered in terms of the offer and accordingly ZBFH now holds a control block of the outstanding shares in Mashonaland Holdings Limited.

“We wish to thank all the shareholders and the investing public for their continued support and confidence in the ZBFH vision,” ZHH said in a statement.

According to ZBH, a total 73 970 shares were tendered for the offer to minorities, representing 0,0044 percent. Shares held by minority shareholders have reduced to 833,930,561, representing 49,41 percent of the total issued. Shares held by ZBFH and its associates after the offer to minorities now stand at 853,822,947, representing 50,58 percent of the total shares in issue.

Mash Holdings is a property sector-oriented company, which is engaged in property investment and development. The company is focused on the delivery and investment management of commercial, industrial, retail, specialised and residential properties and it operates through four segments namely Office segment, Industrial segment, Pure Retail, and Other.

Pamela Chiromo, the ZBFH chairman, said the company intended to support the business in developing its land banks as well as repurposing some properties in line with the real estate market trends to enhance Mashonaland Holdings’ competitiveness.

“ZBFH also intends to regain control of the company and influence its strategic direction to unlock trapped value and in the process unleash the latent potential of its underwriting business,” she said.

Under the office segment, Mashholdings acquires, develops and leases offices and shops housed in office complexes.

The industrial segment acquires, develops, and leases warehouses and factories. The pure retail segment acquires, develops, and leases shops. The Other segment comprises residential, specialised, and undeveloped land. The company’s properties are located in Harare, Ruwa, Bulawayo, Kwekwe and Nyanga and are suitable for an office park, commercial, retail, industrial and residential development.

Its properties include the Subdivision of Stand 854 Ruwa, Supermarket in Houghton Park, and Corporate Offices in Belgravia.

ZBFH is a holding company for a group of companies, which have been providing commercial banking, merchant banking and other financial services. The Company operates in four segments, including banking, fund management, reinsurance and life assurance, and other.