HomeBusiness DigestWill CBZ new investor seek board seats?

Will CBZ new investor seek board seats?

The identity of the mysterious investor who snapped up 24% of CBZ Holdings’ total issued share capital in various transactions on the Zimbabwe Stock Exchange may soon be unearthed should he choose to have his/her interests represented on the board.

— Staff writer.

The investor structured the acquisition of shares in a very secretive way that his identity will remain subject to conjecture.

But this could change in the next couple of days. This is because the new investor will require board representation in line with shareholding. The choice of appointments may hazard guesses as to who this buyer is.

Market sources say this is about the only chance of knowing who the buyer is. Thanks to the automation of the ZSE, traders no longer meet in person.

As such, even stockbrokers are in the dark on the identity of the buyer.

Business tycoon Kuda Tagwirei has been linked to the deal but he has not publicly commented on it.

“A government insider has given me documents that suggest that the CBZ shares owned by Kuda Tagwirei are now above 30%. Why is this important? These are the same people who were getting US$ at 1 to 1 at the RBZ & were running Command Agriculture where US$3b can’t be accounted for!,” Hopewell Chingono tweeted.

Apart from that, nothing is known about the investor.

“We expect to hear of board demands in the coming few days in line with equity that size. From there, we could have an idea whose interests are being represented,” a market source said this week.

Recent Posts

Stories you will enjoy

Recommended reading