Competition regulator the Competition and Tariff Commission (CTC) has ruled against Commercial Bank of Zimbabwe (CBZ)’s plan to acquire more shares in First Mutual Life.
In 2023, CBZ bought 31.2% of FML from National Social Security Authority (NSSA), taking its stake over 36%.
This meant, per Zimbabwe Stock Exchange rules, CBZ had to make a mandatory offer to FML’s other shareholders.
According to CTC this is now off the table. NSSA is CBZ’s biggest shareholder.
