Fireworks expected at AGM

Shakeman Mugari



FIRST Mutual Ltd (FML)’s annual general meeting (AGM) could turn explosive on Tuesday with revelations that Renaissance Financial Holdings, whose b

id for board representation on the composite financial institution had been turned down by FML management, plans to field four members to the company’s board of directors.


Renaissance’s nominations have not been put on the agenda of the AGM by the FML board and management, raising fears fireworks could fly at the meeting which could pave way for a fierce battle should Renaissance’s nominees fail to be confirmed.


Businessdigest understands that Renaissance has since presented names of individuals it wants to sit on the FML board to represent its interests.


The four nominees are two Renaissance executives — Belmont Ndebele and Dunmore Kundishora, and Professor Norman Nyazema and Douglas Mboweni, both Econet Wireless Holdings board members.


Nyazema, now domiciled in South Africa, is also on the Renaissance board.


Businessdigest understands that Renaissance forwarded the four names to FML last week.


Renaissance, led by banker Patterson Timba, is demanding that the four should be elected to the FML board at the general meeting.


Renaissance claims that it holds a 26% stake in FML, acquired over the past two years.


This stake, the group says, is enough to secure representation on the FML board of up to four members.


There have been suggestions, which have not been denied, that Renaissance also holds some of the 26% shares in FML on behalf of Econet, which has
an investments subsidi-ary.


Econet and Renaissance had in April made separate demands for three representatives each to the FML board.


FML has put on the agenda of the AGM the appointment of serving directors and has excluded those nominated by Rennaissance.


According to the published agenda of the AGM, three members of the current board of nine, namely Patience Masamvu, David Murangari and George Riva, are due for retirement but will seek re-election.