- NSSA is reducing up to 31.22% stake in First Mutual Holdings
- Also seeking to broaden NBS’ product offering
- Proceeds from the disposals will be allocated to impact investments and offshore investments
HARARE – The National Social Security Authority (NSSA) on Friday said it is divesting its entire shareholding of 32.55% in Turnall Holdings Limited as part of refocusing and optimising the investment portfolio.
The move among others come a fortnight after the Authority appointed Mr Arthur Manase to the positon of substantive CEO. He has been acting general manager at the State-controlled pension fund since December 2019.
NSSA has not had a substantive general manager since April 2018 when Mrs Elizabeth Chitiga was dismissed on allegations of maladministration and abuse of public funds.
In a statement released on Friday, Mr Manase said, the Authority is “currently implementing a refocus strategy that involves divesture, consolidation, and optimisation of its investments to unlock value for the benefit of its members who include pensioners and contributors”.
He said proceeds of Turnall disposal are earmarked for strategic foreign currency generating investments.
“Proposals should be submitted in sealed envelope to NSSA through the General Manager’s Office by 31 January 2021,” said Mr Manase.
As part of optimisation of the Insurance cluster, NSSA is reducing stake in First Mutual Holdings Limited totalling 66.22% through offloading up to 31.22% to a strategic partner.
Mr Manase said this move will see NSSA keep a majority shareholding at 35% in compliance with Zimbabwe Stock Exchange and IPEC requirements adding that “NSSA has been non-compliant since 2012 and now intends to be a responsible corporate entity in line with its new values of transparency, honest and accountability”.
NSSA is also undertaking consolidation of the banking cluster through seeking a strategic partner in its wholly owned subsidiary, the National Building Society (NBS).
“NSSA believes it is time to engage a strategic partner to broaden NBS’ product offering and enhance its capacity to deliver on affordable housing” said Mr Manase.
He added that proceeds from the disposals will be allocated to impact investments and offshore investments.
“These investments will help stimulate economic activity, generate foreign currency and create jobs for the benefit of all Zimbabweans,” said Mr Manase.
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