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FNBS shareholders meet over recapitalisation

Paul Nyakazeya

FIRST National Building Society (FNBS) shareholders will meet on July 17 to approve a new scheme of arrangement which could see them injecting an additional $96,7 billion into the troubled institution for recapitalisation.

FNBS’s Curat

or, David Scott said the High Court had ordered in accordance with provisions of section 191 of the Companies Act that a meeting of depositors and creditors of the building society meet to draft a survival strategy for the institution.

“The purpose of the meeting referred to in this notice is to consider and if deemed fit, to agree to the scheme, which proposes that the shareholders of FNBS shall inject capital in the sum of $96,7 billion,” said Scott in a notice to shareholders and creditors.

The building society had been given until June 30 to find new shareholders or close shop.

It was not clear by yesterday if the central bank had privately extended the deadline with the curator and the building society’s shareholders.

However, Scott’s notice appeared to give shareholders and creditors hope that the building society could eventually be salvaged from liquidation and resume operations.

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