MawereSibanda advises ZimRe on acquisition of control block of Fidelity Life Assurance of Zimbabwe Limited and entire shareholding of ZPI
MawereSibanda was the legal advisor in ZimRe Holdings Limited’s (ZHL) acquisition of 38,224,928 Fidelity Life Assurance of Zimbabwe Limited shares and ZHL’s acquisition of all the ordinary shares in ZimRe Property Investments Limited.
Prior to the transaction, ZHL held 20.57% shareholding in Fidelity Life Assurance Zimbabwe. The acquisition of shares in Fidelity Life Assurance, which were previously held by the National Social Security Authority, has increased ZHL’s holding to 55.66%.
A related transaction resulted in ZPI becoming a 100% owned subsidiary of ZHL and subsequent voluntary delisting from the Zimbabwe Stock Exchange.
Regis Chawatama, Partner said, “We are proud to be the legal advisors in ZimRe Holdings Limited’s acquisition of a control block in Fidelity Life Assurance of Zimbabwe Limited and its acquisition of the entire shareholding in ZimRe Property Investments Limited. The transaction is aimed at strengthening ZimRe Holdings Limited’s underwriting capacity and increasing its competitiveness in Zimbabwe.”
ZHL is an investment holding company with investments and operations located in Zimbabwe and Southern Africa including Botswana, Malawi, Mozambique and Zambia.