ZHL announces termination of proposed capital raise in Emeritus International

Harare – Zimbabwe Stock Exchange – listed financial services group, Zimre Holdings Limited (ZHL) said that the negotiations at its subsidiary Emeritus International Reinsurance Company Limited’s capital raise have been terminated.

“Shareholders of ZHL are referred to the cautionary announcement dated 10 September 2019, and are advised that the negotiations for the Emeritus International Reinsurance Company Limited Capital Raise have been terminated and the contents referred to in the cautionary announcement dated 10 September 2019 have ceased to have any relevance or effect on ZHL.

“Accordingly, caution is no longer required to be exercised by shareholders when dealing in the securities of ZHL,” Group Chairperson Lovemore Madzinga said in cautionary statement.

ZHL was reportedly seeking to raise US$10 million at its subsidiary Emeritus Reinsurance to recapitalise the regional operations.

Emeritus Reinsurance was born out of the Group’s restructuring thrust earlier in 2018 and was rebranded from Baobab Reinsurance.

Commenting on the strategy then, the Group said Emeritus Reinsurance will provide a vehicle to mobilise offshore capital required to strengthen operations and embark on regional expansion.

Equity Axis News

Raynold Mhotseka

Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, rayjnr.mhotseka@gmail.com and raynoldm@equityaxis.net.

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