Afre Corporation Ltd board chairman Tawanda Nyambirai is set to step down from the board following the recent majority acquisition by the National Social Security Authority (NSSA) in ReNaissance Merchant Bank(RMB), NewsDay has been told.
NewsDay sister paper, The Zimbabwe Independent, last week reported NSSA had signed an agreement that would result in it assuming a 60% stake in RMB.
The transaction will also see NSSA taking over Econet Wireless’ 19% stake in Afre Corporation and being the majority shareholder.
Impeccable sources yesterday said an official announcement would be made to the market soon.
“Nyambirai will have to step down from the Afre board as Econet no longer has interest in the business,” sources said.
“NSSA has to appoint someone on the board,” the source said.
Nyambirai said he could not comment on the matter.
He was appointed to the Afre board last year taking over from Patterson Timba.
At December 31 2011, major shareholders of Afre were EW Capital Holdings 19,7%, RIBC 10,3% and ReNaissance financials 9,77%.