Interfin Financial Services Limited (formerly CFX Financial Services) shareholders yesterday approved the acquisition of 59,68% Interfin Banking Corporation Limited (IBC) shares from Interfin Financial Services (IFS) resulting in IBC being 100% listed on the Zimbabwe Stock Exchange (ZSE).
IBC had only 40,32% shares listed on the local bourse.
The acquisition would result in a fully integrated corporate structure of IFS and IBC to ensure seamless shareholding structure, to eliminate the need to negotiate with two shareholder groups on any corporate action affecting IBC.
“To allow the fair valuation of the IFS share on the ZSE on the back of the main asset IBC and to give all investors in IFS the same platform from which to influence the management of the affairs of the main operating asset,” the statement read.
Interfin Financial Services Limited acquired a majority stake in CFX Financial Services Limited last year after the disposal of assets and liabilities of CFX Bank Limited to IBC.
In the transaction the directors would offer 30 547 665 IFS shares for 7 533 333 IBC shares and the share swap will be on the basis of 4 055 IFS shares for every 1 000 IBC shares.
Interfin shareholders increased the authorised share capital to $100 million ordinary shares of nominal value $0,01 from $50 million ordinary shares of nominal value of $0,01.