AfrAsia seeks name change

AfrAsia seeks name change
Published: 22 October 2013
AfrAsia Kingdom Zimbabwe will next month seek shareholder approval to rebrand the flagship banking unit and other units following a 30% share disposal by founder Nigel Chanakira last month.

AfrAsia will change the name of the company and its subsidiaries from AfrAsia Kingdom Zimbabwe Limited, Kingdom Bank, Kingdom Asset Management to AfrAsia Zimbabwe Holdings, AfrAsia Zimbabwe Limited and AfrAsia Capital Management respectively.

Capital constraints and limited returns were among the major reasons Kingdom Financial Holdings founder Mr Nigel Chanakira sold his 30 percent shareholding in AfrAsia Kingdom to exit the institution he founded more than 20 years ago.

AfrAsia recently announced that Mr Chanakira sold the remaining 30 percent of his stake in the financial institution which was owned through his investment vehicle Crustmoon Investments (Pvt) Ltd to concentrate on the Botswana-based offshore bank, Kingdom Bank Africa Limited.

According to the statement issued by the company, Crustmoon exited completely as a shareholder of AKZL and in the transfer of the AKZL's 35,7 percent interest in KBAL.

Mr Chanakira also stepped down as director of all AKHL and AKZL entities with immediate effect as part of the restructuring exercise but would acquire the “Kingdom” Trademark from AKZL.
- dailynews
Tags: AfAsia, Chanakira,


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