United Kingdom,Zimbabwe : ZIMBABWE: ECONET WIRELESS gains total control over TN BANK recently [TendersInfo (India)]
(TendersInfo (India) Via Acquire Media NewsEdge) The largest mobile telephone operator of Zimbabwe - Econet Wireless Zimbabwe Ltd (Econet) has announced that it will have 100% power over TN Bank, one of the country s fastest growing local banks, subsequent to its acquisition of TN founder Tawanda Nyambirai s interest for a matching value of shares of Econet. The deal is still to be cleared by the regulatory body.
Nyambirai, who was also the chairman of Econet board, has pronounced that he has resigned from the board and will be a member of the board of Econet Wireless Global, the holding company of the mobile service provider. He was in the Econet board since 1998, and became its chairman in 2003.
According to him, there might be disagreement over interest on his responsibility as he will have minor still considerable amount of shareholding in the telecom company after the accomplishment of the deal.
After the closure of the transaction, the new TN Bank s majority shareholder will delist the financial establishment from the Zimbabwe Stock Exchange (ZSE) in which it is listed as an individual entity from earlier parent firm, Life Style Holdings, in early part of 2012.
Nyambirai is serving the Lifestyle Holdings as the CEO of the firm.
He revealed that he had decided to offload his residual shareholding in TN Bank following his talks with the founder of London-based Econet Global - Strive Masiyiwa for offering his resignation personally in early part of the current week.
I have made the resolution to resign from the board as the minority shareholding will make me conflicted as both a chairman and a director. I will cease to be independent, stated he. But, he has refused to say anything on the amount of his shareholding he is going to have in Econet.
I cannot share with you specific details because it is still subject to approval by SECZ (Securities Commission of Zimbabwe).
While making a short observation on the resignation of Nyambirai from the board, Masiyiwa stated, Tawanda Nyambirai has done an extraordinary job for us. He led the legal team that fought for the original license in the courts. He has overseen the development of the business ever since I left Zimbabwe 12 years ago. He is a historical companion to me, and I look forward to working even closer with him in other roles that I have for him.
Masiyiwa has revealed that the board has signed up James Myers, a board member, as the new Non-executive Chairman.
Econet obtained a 45% venture for US$20 million via diluting TN Bank limited shareholders.
The deal is aimed at turning the TN Bank into one of the leading four banks in the country. The name of TN Holdings became Lifestyle Holdings after it converted into an independent entity.
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