CBZ Holdings Limited (CBZ) has issued a statement updating shareholders on its ongoing negotiations for a significant acquisition within the financial sector.
This announcement follows a series of cautionary statements issued throughout 2022 and 2023, hinting at potential acquisitions.
While specifics of the target company remain undisclosed, the statement confirms CBZ is “still engaged in negotiations” and has sought regulatory approval, which is “at an advanced stage.” This suggests the acquisition could be finalised soon.
“Further to the Cautionary Statements issued on 18 June 2022, 21 July 2022, 29 August 2022, 27 September 2022, 14 November 2022, 19 January 2023, 2 March 2023, 6 April 2023, 5 June 2023, 27 July 2023, 5 September 2023 and 5 February 2024 the Directors of CBZ Holdings Limited (the ‘Company’), wish to advise all Shareholders and the investing public that the Company is still engaged in negotiations for a potential acquisition of a business in the financial sector.
“The Company has sought and is in the process of obtaining the requisite regulatory approval to proceed with the acquisition which process, is at an advanced stage.
“The acquisition, if successfully concluded, may have a material impact on the value of the Company’s shares, the full impact of which is currently being determined.
“Accordingly, Shareholders are advised to exercise caution when dealing in the Company’s shares until a full announcement is made.
“The Board will keep the market and Shareholders informed of any material developments relating to the acquisition,” the company said.
The potential acquisition, if successful, could significantly impact the value of CBZ shares.
The company acknowledges this and advises shareholders to exercise caution when trading their shares until a full announcement is made.
This update comes after CBZ’s previous attempts to consolidate Zimbabwe’s financial landscape through mergers with First Mutual Holdings Limited (FMHL) and ZB Financial Holdings Limited (ZB).
In 2022, CBZ acquired a 36% stake in FMHL, aiming to merge operations and create a “financial services behemoth.”
However, the deal faced regulatory hurdles and ultimately stalled. Negotiations with ZB also took place, but no concrete agreement materialised.
