THL chairman Josephat Sachikonye last week said his group and FML had differed in strategies, hence the decision to go separate ways. Â
Under the deal, Econet swapped 4,2 million of its issued shares in exchange for 31,5 million THL shares held in First Mutual, Zimbabwe’s largest telecommunications group said in a statement yesterday.
The effective date of the transaction was October 17. Then, weighted FML shares traded at $120 000.
First Mutual spokesperson Ruth Ncube shareholders were advised that as a result of recent events and developments in the structures of the respective parties, THL and FML have amicably terminated the Strategic Partnership Agreement by way of a share swap that has resulted in the entities disengaging, and ceasing to be cross shareholders.
Trust Holdings Ltd was suspended from the Zimbabwe Stock Exchange in 2004 following the placement of key subsidiary, Trust Bank, under curatorship.
Post published in: Economy