Financial services group, FBC Holdings Limited has repurchased 47 949 688 ordinary shares of American investment fund, ShoreCap II.
ShoreCap II purchased these in 2013, as part of FBC’s strategy to acquire technical support from networked investors that would unlock fresh opportunities.
The 7,14% of the diversified banking group’s issued share capital, but FBC has purchased them back after ShoreCap II said it would we winding up at the end of this month.
In a statement, FBC said ShoreCap was behind the launch of Microplan Financial Services (Private) Limited, while the Zimbabwean operation had also benefited through skills transfer and the establishment of FBC Bank’s small and medium enterprises (SME) banking and women’s desk.
The shares will be subsequently resold to potential strategic investors, FBC company secretary, Tichaona Mabeza said in a shareholder update.
“The share repurchase constitutes 7,14% of the issued share capital of FBC Holdings Limited, and brings the total treasury shares acquired through the FBCH share buyback scheme to 7,52% of the issued share capital of FBC Holdings Limited,” Mabeza said.
FBC has over the years benefited from ShoreCap II through skills transfer opportunities, peer-to-peer exchange programmes, assistance with the establishment of FBC its SME banking and women’s desk, as well as international capital market referrals to strategic decision makers of leading international debt financiers.
“With due notification and approvals having been granted by the respective regulators, the book-over was undertaken on the Zimbabwe Stock Exchange on June 10 2021.
“During the subsistence of the strategic and technical support relationship between FBCH and the ShoreCap II fund, proceeds from the ShoreCap II investment were invested directly into the operations of FBCH, resulting in the greenfield establishment of our microfinance unit, Microplan Financial Services (Private) Limited.
“FBCH has over the years also benefited from ShoreCap II Limited through skills transfer opportunities, peer-to-peer exchange programmes, assistance with the establishment of FBC Bank’s SME Banking and Women’s Desk and international capital market referrals to strategic decision-makers of leading international debt financers,” Mabeza said.
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