ReNaissance Merchant Bank Limited curatorship ends.

As advised through statements and notices published in the press and in direct communication with stakeholders and interested parties,

the Curator of ReNaissance Merchant Limited ("RMB") in executing his mandate to restore RMB to a sound financial position, invited National Social Security Authority ("NSSA") to invest in RMB by way of a cash injection and the conversion into equity of a debt owed by RMB to NSSA.

The Curator and his team are happy to advise that after a lot of hard work by the directors and executives of NSSA, the directors of ReNaissance Financial Holdings Limited ("RFHL"), the directors and employees of RMB, the Chairman of Econet Wireless Limited and Africa First Renaissance Corporation Limited ("AFRE"), the expert advisors of the various parties involved and other stakeholders, an Agreement to Subscribe for Shares and Composite Waiver and Settlement Agreement was reached with NSSA, RFHL and its subsidiaries, Econet Wireless (Private) Limited ("Econet") and EW Capital Holdings (Private) Limited ("EW Capital").

We are thankful that the requisite approvals for the agreement have been received from the relevant authorities which include among others, the Ministry of Finance, Ministry of Labour and Social Services, the Ministry of Youth Development, Indigenisation and Empowerment, the Reserve Bank of Zimbabwe and the Registrar of Banking Institutions.

We want to appreciate the assistance rendered by the Chief Executive Officers of the Zimbabwe Stock Exchange and the Securities Commission of Zimbabwe, the Commissioner of Insurance and Pensions Fund during the course of the curatorship.

The Curator and his team would like to take this opportunity to thank all relevant regulatory authorities, all persons and parties who have contributed to the succesful conclusion of the agreement and the depositors and creditors of the bank who have endured hardships as a consequence of the problems at RMB.

Reggie Francis Saruchera
The Curator ReNaissance Merchant Bank
3 March 2012

 

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