ZHL’s acquisition of ZPI still work in progress, as the group postpones AGM

ZHL’s acquisition of ZPI still work in progress, as the group postpones AGM

Staff Writer

ZIMRE Holdings has advised that the pending 100% acquisition of Zimre Property Investments transaction is still work in progress, and the full impact on shares is still to be determined.

“While the full impact of these negotiations, if successful, is still being determined, the Transaction may have a material effect on the price of the securities of ZHL and ZPI,” the companies said in a joint statement.

The diversified financial services group, ZHL is targeting the acquisition of 100% shareholding in Zimre Property Investments (ZPI) which will see the property concern delisting from the Zimbabwe Stock Exchange.

ZHL which was founded in 1983 operates through subsidiaries to provide solutions for general insurance, health cover, reinsurance, life reassurance, reinsurance brokering and property services for private, commercial and corporate clients in Zimbabwe and overseas.

Its insurance products range from short-term and wholelife insurance to endowment pensions, medical aid societies and motor, household and commercial insurance solutions.

ZPI was incorporated in 2003 to harness and co-ordinate ZHL’s property development activities, and to manage, maintain, develop and grow the group’s property portfolio. ZPI has since expanded the scope of its business to non-group business, in the private and public sectors.

ZPI is a real estate holding company that offers services which include project management of residential and commercial developments, as well as management, valuations and sales of residential, commercial and industrial property.

On other hand, ZHL has postponed its Annual General Meeting (AGM) scheduled for 31 July 2020 to allow Independent Auditors, PriceWaterhouseCoopers Chartered Accountants (Zimbabwe), time to complete their final review of the 2019 Annual Report.

“The review has been hampered by the sudden surge in Covid -19 cases within our immediate environments and the need to preserve the health and safety of both employees and stakeholders in undertaking the same review,” the group said in a statement.

It added that the postponement will also afford shareholders adequate time to go through the 2019 Annual Report in preparation for the AGM.

The AGM shall therefore be held on Friday, 14 August 2020 at 1000 hours using the link provided in the 9 July 2020 Notice and detailed below for ease of reference.