FMB in corporate restructuring, to delist on MSE
Three principal shareholders of Malawi Stock Exchange (MSE)-listed FMB intend to transfer their 55 percent of issued capital in the bank to FMB Capital Holdings Plc (FMBCH), according to a cautionary statement.
The move will result in FMB, which has been on the local bourse for 11 years, delisting to enable FMBCH enter the 13-counter market.
A statement signed by company secretary Oswald Mtokale has informed shareholders and the public that FMBCH will make an offer to acquire 45 percent of the issued shares in FMB by way of an offer document.
MSE operations manager Esnart Chilije, in an interview, said the move may not have any major change on the MSE, but on the shareholders of the bank.
“As FMB will be delisting, FMBCH will be listing on MSE; hence, this will not have any change on the number of listed counters on the MSE.
“But for shareholders, the move may widen their investment because currently they only hold shares in FMB, but they will hold shares in FMBCH which is also engaged in another transaction.”
Meanwhile FMB is engaged in discussions with Barclays Bank Plc in relation to its interests in Barclays Bank Zimbabwe Limited (BBZ) to acquire a controlling shareholding.
Reads the statement: “Discussions with BB plc are ongoing and may or may not result in the announcement of a transaction involving the acquisition by FMBCH of the interest of BB plc in BBZ.”
The statement, however, cautioned that such transaction would also be subject to obtaining approval of the banking regulators in Malawi and Zimbabwe.
