Lawrence Sikutwa & Associates Limited and ZFI Holdings Limited, the two largest shareholders in Madison Financial Services (MFS), have separately executed Share Purchase Agreements with XYLEM Trading Limited, relinquishing their combined 72.05 per cent shareholding in the insurance giant for $35 million.
According to a market announcement, LSA and ZFI, a private limited company incorporated under the laws of the Republic of Mauritius and legal owner of 34.91 per cent of the ordinary issued shares in MFS, are relinquishing their shareholding in MFS following the execution of separate SPA.
Madison Financial Services has faced a series of liquidity, credit and solvency issues governance related lapses that triggered regulatory take over in 2019.
Emerging from a tortuous year, concerned citizens and other interested parties have called for radical overhaul of policy frameworks. The calls came as authorities weigh options to stimulate local production and take the economy out of the woods.
The year 2020 was no doubt a difficult financial year for both the private and public sectors. Despite this, Madison Financial Services Plc remained a key financial services institution and one of the largest employers in the financial services sector in Zambia.
MFS is now poised to become an even bigger financial services Group following a transaction with XYLEM Trading (Pty) Limited in which Xylem will acquire 72.05% shares in MFS.
The transaction was facilitated by Lyco Business Solutions, a Business Advisory and Capital Raising Firm which is represented in Zambia, the region, Europe and the USA.
MFS is “a Zambian company deeply enshrined in securing the future of its clients and the stability of its employment environment, while seeking to maximize returns to all stakeholders.”
Purchase Committee approves 6 proposals
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DHAKA, Dec 30, 2020 (BSS) – The Cabinet Committee on Government Purchase (CCGP) today approved a total of six proposals including one for importing 50,000 metric tons non-basmati boiled rice.
The approval came from the 37th meeting of the CCGP in this year held virtually with Finance Minister AHM Mustafa Kamal in the chair.
Briefing reporters virtually after the meeting, Cabinet Division Additional Secretary Dr Abu Saleh Mostafa Kamal said that Bangladesh will import 50,000 metric tons non-basmati boiled rice from MS PK Agri Link Private Limited of India with a cost of Taka 168.62 crore.
The day’s CCGP meeting also approved a proposal from the Local Government Division to appoint the joint venture of RAMBOL A/S Denmark, Aqua Consultant and Associates Limited (Bangladesh) and Resource Planning and Management Consultants (Pvt) Limited (Bangladesh) as consultants with around Taka 57.79 crore for the “Second City Development” proje