First Mutual Holdings passes resolution to acquire Nicoz Diamond

First Mutual Park

The First Mutual Holdings Limited (FMHL) shareholders have passed a resolution to acquire Nicoz Diamond Limited.

The shareholders passed the resolution when they met today at the Royal Harare Golf Club, in Harare.

Two other resolutions were also carried and passed.

First Mutual Holdings on 10 August had called for an Emergency General Meeting regarding:

a) FMHL’s proposed acquisition of up to the entire issued share capital of Nicoz Diamond Insurance Limited (“the Proposed NDIL Acquisition”);
b) the proposed renounceable rights offer of 210,371,395 new FMHL shares to registered Shareholders to raise US$17.25 million; and
c) subsequent to the Proposed NDIL Acquisition, FMHL proposes to merge the operations of NDIL and TristarInsurance Company Limited (”Tristar”).

The acquisition will see the two Zimbabwe Stock Exchange (ZSE) listed companies merging.

Full details of the EGM will be published on Monday next week.

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