Kingdom to bounce back

kingdom_financialHARARE - The flamboyant Kingdom Financial Holdings Limited (KFHL) Group will bounce back on the Zimbabwe Stock Exchange (ZSE) during the first quarter of this year, business mogul and founder, Nigel Chanakira, has confirmed.

This comes shortly after KFHL and the wealthy Meikles Africa Limited (MAL) completed their divorce and papers were signed bringing to an end arguably one of the most famous business failures in Zimbabwe.

“We are re-listing, but I cannot say anything more than that right now,” a confident Chanakira, clad in a navy blue designer suit, told The Zimbabwean. “I think everything will work out fine for us.”

At its peak KFHL stood among the top flight financial institutions listed on the bourse. Before its rocky marriage with the cash-rich Meikles Africa Limited (MAL), the diversified financial services group promised shareholders that it would embark on an aggressive marketing campaign and open branches in Malawi, Zambia, and Botswana.

It even promised them that it would list on the lucrative New York Stock Exchange (NYSE), the largest in the world.

KFHL and the wealthy MAL merged about two years ago to form Kingdom Meikles Africa Limited (KMAL) in what was termed a “marriage made in heaven” by financial and business analysts. This, however, later turned very and the two institutions decided to go their separate ways.

“Shareholders are advised that the de-merger of Kingdom Financial Holdings Limited (KFHL) from Meikles Africa Limited (MAL) has now been completed. The final step of the process was the distribution of a dividend in-specie of KFHL shares to all MAL shareholders as at the record date of 29 October, 2010. It is our belief that all eligible shareholders have received their KFHL shares and if not, they will be receiving them soon, the Board told shareholders.

KFHL is currently led by Lynn Mukonoweshuro. The chairperson is Empretec (Private) Limited boss, Susan Bango.

Post published in: Economy

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