TRUST Holdings Limited prepares for voluntary windup (19-07-07)

TRUST Holdings Limited seems to be preparing for voluntary winding up after virtually disposing its entire businesses.

ace=”Times New Roman”>The company has already disposed its finance house, Trust Finance (Trustfin) to TN Financial Holdings through a sale of 75% of the issued share capital.


The company has also proposed to dispose 60% of Trust Finance Limited Malawi to Unit Administration Limited. The company also intends to dispose 49% of the issued share capital of Trust Securities Limited Malawi to Unit Administration Limited.

Trust’s AGM to be held in August will also receive and adopt financial statements for 2004, 2005 and 2006.

It is however questionable how shareholders will vote on resolutions that have already been implemented given that Trustfin is already operating as a subsidiary of TN Financial Holdings.

But then given shareholder apathy in the country, it’s most probable that all such resolutions will be passed in retrospect.

Trust Holdings was suspended from trading on the ZSE in 2004 after its banking arm, Trust Bank, was placed under curatorship.

 

Post published in: Economy

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