eBusiness Weekly
Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) will soon have a new listing — Makasa Sun Private Limited — after directors of parent company, First Capital Bank Limited (FCB) approved its unbundling and separate listing.FCB — former Barclays Bank Zimbabwe — approved to spin off its non-core banking assets as part of its restructuring programme.
The banking group has a 50 percent shareholding in Makasa Sun, which will be later listed as a separate entity on the local bourse.
“Shareholders are advised that the First Capital Bank Limited board of directors has approved, subject to regulatory and other approvals, including but not limited to the final approval by the Reserve Bank of Zimbabwe, the unbundling of the company’s non-core banking properties into a separate entity to be listed on the Zimbabwe Stock Exchange,” said FCB in circular to its shareholders.
“The primary asset included is the company’s 50 percent shareholding in a property holding company called Makasa Sun (Private) Limited. Shareholders will be provided with more details in due course.
“Accordingly, shareholders and the investing public are advised to exercise caution and should consult their professional advisors when dealing with the company’s shares,” said FCB.
This comes as the group is carrying out its transition process and restructuring following the divesture by former parent company Barclays Plc.
The banking group was subsequently taken over by Malawi’s FMB Capital Plc.
Management at FCB earlier indicated that both Barclays Bank PLC, although it divested from the bank, and FMB would continue to support the bank to ensure its smooth transition, while delivering on customer needs in line with the current trends particularly with regards to enhanced technology platforms.
In terms of the transition from Barclays PLC, the banking group re-branded to FCB Limited last month after shareholder approval in July.
Over the next few months, and in terms of the Transitional Trademark Licence agreement signed with Barclays PLC, the bank will be co-branded with Barclays for the period to October 2020.
