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Fidelity Life Issues Cautionary Statement Over Trading Of Shares

Zimbabwe Stock Exchange-listed Fidelity Life Assurance of Zimbabwe has issued a cautionary statement to its shareholders and other investors on the bourse over trading of the company shares pending a transaction that may have material impact on its share value, 263Chat Business can report.

In statement by the company secretary, Chipo Matongo the company shares will be issued by way of a rights offer.

“Further to the cautionary announcement dated 22 July 2019, and subsequent updates on 27 August, 23 September, 14 October, 04 November, 25 November 2019 and 16 December 2019, the Directors of Fidelity Life Assurance Zimbabwe Limited (“Fidelity” or “the Company”) wish to advise all shareholders and the investing public that the company is still engaged in discussions that involve a potential transaction that may have a material impact on the value of the Company’s shares,”

“The transaction involves the restructuring of the company’s capital structure through the issuance of shares by way of a rights offer. Further details of the transaction will be provided once discussions have been finalized. Shareholders are therefore advised to exercise caution when trading in the Company’s shares,” read the statement.

The Group has had a positive run in 2019, posting a 154 percent growth in revenue third quarter which closed at ZW$ 45million, from ZW$18m recorded in the nine months ended 30 September 2018.

Total revenue performance was further boosted by net investment income, resulting in a 262% growth in total revenues, which closed at ZW$129m compared to ZW$35m in the comparative period.

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