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ZHL reinsurance arm for listing

Staff Writer

ZIMRE Holdings Ltd (ZHL) is on the verge of listing its reinsurance arm on the Zimbabwe Stock Exchange (ZSE), businessdigest has learnt. The company is completing logistics

for the subsequent listing of the reinsurance arm sometime in December.

Sources close to the imminent transaction confirmed that Zimre Reinsurance Company would be on the market before the end of the year.

ZHL has also been consulting with the stock market and the commissioner of insurance for some time now.

“ZHL has been talking to the commissioner of insurance, ZSE and other relevant authorities. The company will be on the market before the end of the year,” said a senior employee at the company.

Consultations with the regulatory authorities are at a final stage and a circular will soon be sent to shareholders ahead of a listing sometime early December.

The demerger of the reinsurance entity is part of the group’s restructuring exercise approved by shareholders during the Initial Public Offer (IPO).

At the IPO shareholders agreed to ZHL’s proposal to unbundle some key operations and list them separately on the market.

The upcoming demerger is the first phase in pursuit of the restructuring that has been made public in the company’s cautionary statement.

Zimbabwe Reinsurance Company will also have an IPO to raise capital for operations.

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