HARARE Kingdom Financial Holdings Limited (KFHL), which last year made a $5,3 million profit after tax, will hold an Extraordinary General Meeting (EGM) for its worried shareholders to approve relisting on the Zimbabwe Stock Exchange (ZSE).
Kingdom Chairperson, Susan Bango, this week confirmed the move saying the diversified financial services group would also recommend a “recapitalisation plan” for shareholders to approve. “The notice for the proposed EGM will be issued soon after publication of our audited statement,” Bango said.
“The KFHL Board is cognisant of the significance of listing the company’s shares on the stock exchange. Consequently, the directors will seek shareholder approval for the re-listing of KFHL on the stock exchange at a forthcoming EGM. “Work on re-listing of the company has already commenced and stakeholders will be advised of the model and timetable immediately after securing shareholder approval.”
She said following the demerger from the wealthy Meikles Africa Limited (MAL) Group, the KFHL’s capitalisation efforts were “truly underway” to “ensure injection of new capital by shareholders before the fourth quarter of 2011”. The KFHL Group achieved a profit after tax of $5,3 million for the 12 months ended December 31, 2010, a major improvement compared with the shocking loss of $1,1 million in the prior year.
Bango said significant growth had been noted at their flagship firm, Kingdom Bank Limited (KBL). “This performance was recorded in spite of the cession back to Meikles of $12,5 million as per the condition to the demerger,” she said. KFHL is currently led by Lynn Mukonoweshuro.
Last year on June 11, KFHL converted a shareholder’s loan of $815 842 to equity resulting in the company now exceeding the $500 000 prescribed minimum capital required by Gideon Gono’s Reserve Bank of Zimbabwe (RBZ).
Post published in: Manufacturing