National Social Security Authority (NSSA) intends to dispose of its 32.5% of share in the tiles producer, Turnall Holdings Limited as part of an investments consolidation strategy.
The parastatal’s banking sector consolidation strategy is designed to create a leaner and more manageable portfolio that enhances stakeholder value and consistently pay sustainable dividends to NSSA for the benefit of pensioners and other vulnerable groups such as orphans, widows and widowers.
“This development that may result in a transaction that can have a material impact on the value of the company’s shares,” Turnall Company Secretary, Mavende said.
“The Board, therefore, advises shareholders to exercise caution when dealing in their Thurnall Holdings Limited shares and to consult their professional advisers before dealing in their shares until such time as the results if the said transaction are known.”
Besides Turnall, NSSA also intends to reduce its stakes in First Mutual Holdings Limited from the current 66.22% to 35% through offloading up to 31.22% to a strategic partner.
First Mutual Company Secretary, Lorimer said, “This move will see NSSA in compliance with regulatory requirements, while bringing in a strategic investor with solid financial resources, synergistic, technical and strategic benefits to enhance the growth prospects of the First Mutual Group”
“NSSA will remain as the single largest shareholder.”
“These new developments may have a material effect on the price of the company’s securities,” Lorimer went on.
Last year NSSA also approved the disposal of its entire 37.79% shares in ZB Financial Holdings.
Former Acting General Manager Arther Manase said,” The Authority’s (NSSA) strategic focus is a combination of divesture and consolidation to reduce duplications, improve efficiency and minimise capital requirement while creating a formidable financial sector investment that guarantees shareholder returns, value preservation and a strategic fit into the NSSA’s mandate.”