·         AGM Notice: SeedCo

·         Delay in Publication of Results: OK Zim; StarAfrica

·         Notice of Board Changes: Mashhold

·         Half-year Results: ZBFH; FBCH; FCA

Harare - AGM Notice: SeedCo

Seed Co International Limited announced that it will hold its 23^rd Annual General Meeting (AGM) virtually (via the Escrow Group platform) on Wednesday the 20thof September 2023, at 12:30 GMT+2 (Botswana).

Delay in Publication of Results: OK Zim; StarAfrica

OK Zimbabwe Limited said due to unanticipated challenges faced during the implementation of a new Enterprise Resource Planning (“ERP”) system, which prolonged the finalisation of the Company’s Financial Statements and the Audit Review process, there will be a delay in the publication of its Audited Financial Results for the year ended 31 March 2023 which were due for publication on or before 30 June 2023. The Company said it has sought an extension to the publication, with a new target date of 21 September 2023.

Star Africa Corporation Limited also alluded that, due to the audit of the financial results of the associate company in Botswana, which is ongoing, the Company was granted another month’s extension by the Zimbabwe Stock Exchange (ZSE) with regards to publication of the audited financial statements for the year ended 31 March 2023 in the press, subject to the company publishing a preliminary report on or before 7 September 2023. StarAfrica will publish the audited financial statements on or before the 30^th of September 2023.

Notice of Board Changes: Mashhold

Mashonaland Holdings Limited announced the appointment of Mr. Terence Chiparamhosva and Mrs. Innocencia Tigere as independent Non-Executive Directors of the Board with effect from 01 September 2023.

Half-year Results: ZBFH; FBCH; FCA

ZB Financial Holdings Limited issued its financial results for the half year ended 30 June 2023 which reported a 796% growth in total income from ZWL102.407 billion in the prior year to ZWL917.284 billion in the period under review. The growth was attributed to a 3022% rise in fair value adjustments, from ZWL14.773 billion at HY2022 to ZWL461.205 billion at HY2023, a 522% improvement in Other Operating Income, from ZWL54.684 billion in 2022 to ZWL340.255 billion, as well as 257% increase in Commissions and Fees from ZWL19.057 billion in 2022 to ZWL68.101 billion. A 1% decline in loan impairment charges along with a 115% increase in net interest income to ZWL43.406 billion resulted in a growth of 262% in net income from lending activities, from ZWL8.91 billion in 2022 to ZWL32.274 billion in the period under review. Due to a 223% increase in gross premiums, net insurance related earnings rose by 210% to ZWL15.45 billion. On the downside, operating costs increased by 315% to ZWL191.725 billion owing to inflationary pressure. Profit After Tax improved by 2179%, from ZWL29.771 billion achieved in 2022 to ZWL678.458 billion in 2023.

In the half-year ended 30 June 2023, FBC Holdings Limited achieved a total income of ZWL854 billion, 4-folds up from ZWL203 billion in the corresponding period last year due to enhanced transactional, investment and hedging activities. The Group said net interest and related income at ZWL63.4 billion was consistent with the general lending activities across all lending portfolios while loans and advances for the period increased by 228% to ZWL1.5 trillion. Over 80% of the Group’s assets and core revenues are in foreign currency. Due to the Group’s innovation and digitalization thrust, net transactional revenues surged to ZWL56,9 billion. On the downside, inflationary and exchange rate pressures pushed up operating costs to ZWL360.7 billion. FBC Holdings declared an interim dividend of 0,45 US cents per share on 671 949 927 ordinary shares in issue on 29 August 2023. The dividend will be payable to shareholders registered in the books of the Company at close of business on Friday, 22 September 2023 and payment will take place on or about 29 September 2023.

First Capital Bank, in the 6-months to 30 June 2023, registered an adjusted operating profit (excluding share of profit/loss) from joint venture of US$9.02 million, which is 51% up from US$5.96 million recorded in the prior comparable period. This performance was attributed to a significant growth in the customer base, growth in the loan book, and exchange gains. The bank listed on the Victoria Falls Stock Exchange (VFEX) on the 19th of May 2023, and adopted the United States Dollar (USD) as its functional and reporting currency. On the downside, the Group said the rapid devaluation of the ZW$ exerted pressure on capital resulting in the Bank’s US$ denominated core capital decreasing marginally by 2% to US$48m as of 30 June 2023 from US$49m reported as at 31 December 2022. FCA declared an interim dividend of US0.14 cents per share, payable on or about 21 September, 2023 to shareholders registered by the 15th of September, 2023.

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