Chanakira sells 30% stake in Afrasia Kingdom

Banker Nigel Chanakira has sold his 30 percent stake in AfrAsia Kingdom Zimbabwe Limited (AKZL), a move that will see a restructuring and recapitalisation exercise in the financial institution.

According to a press release on Chanakira’s Facebook account, “the key components of the restructuring and recapitalization are the decision by the founder of Kingdom Chanakira to dispose of his 30 percent indirect interest in AKZL that is owned by his family’s investment vehicle Crustmoon Investments (Pvt) Ltd.

The press release read in part: “The move will see Chanakira keeping the ‘Kingdom’ trademark and completely exiting as a shareholder of AKZL. He will also step down as director of all Afrasia Kingdom Holdings and Afrasia Kingdom Zimbabwe entities with immediate effect of the restructuring.”

AfrAsia announced that as part of the restructuring, it will provide additional liquidity support and a US$20 million rights issue.

Afrasia Kingdom Holdings, Afrasia Kingdom Bank Zimbabwe and Kingdom Asset Management will be rebranded to AfrAsia Zimbabwe Holdings Ltd, AfrAsia Bank Ltd and AfrAsia Capital Management respectively.

Chanakira said: “I have particularly been delighted to have been part of this Group which has and continues to be a respected player in the financial sector in Zimbabwe. However, in life sometimes one is confronted with major decisions that shape your future, and for me, this is that one moment.” AfrAsia

Chief Executive Officer James Benoit said: “The restructuring and recapitalization of AKZL is confirmation of our commitment to Zimbabwe and our belief in its recovery potential and the key role that it can play in regional development going forward.” NewsDay