Relating to and seeking approvals for:
The restructuring of First Mutual Holdings Limited’s reinsurance businesses, First Mutual Reinsurance Company Limited (Zimbabwe) and FMRE Property & Casualty (Proprietary) Limited (Botswana) pursuant to a 29.1% subscription by Aleyo Capital in the combined reinsurance businesses.

And incorporating
NOTICE OF AN EXTRAORDINARY GENERAL MEETING
Notice of an Extraordinary General Meeting of the members of First Mutual Holdings Limited, to be held virtually by electronic means, on Monday 5 October 2020, at 1000 hours, which notice was published on Monday 14 September 2020 in accordance with the Listings Requirements of the Zimbabwe Stock Exchange and the Companies and Other Business Entities Act (Chapter 24:311) of Zimbabwe, as set out at the end of this Document.

  1. OVERVIEW OF THE RESTRUCTURING AND CAPITALISATION OF FIRST MUTUAL HOLDINGS LIMITED’S REINSURANCE BUSINESSES

    2. FMHL has two wholly owned reinsurance businesses, namely, First Mutual Reinsurance Company Limited (“FMRE Zimbabwe” and FMRE Property & Casualty (Proprietary) Limited (“FMRE Botswana”), incorporated under the laws of Zimbabwe and Botswana respectively (“the Subsidiaries”). FMHL has launched a capital raising exercise for its reinsurance businesses, FMRE Zimbabwe and FMRE Botswana. The exercise involves the establishment of an already created holding company for the Subsidiaries, namely First Mutual Reinsurance Holdings (Proprietary) Limited (“FMRE HoldCo”) which will own 100% of the two subsidiaries to be domiciled in Botswana by way of transfer of shares of the relevant subsidiaries with the ultimate beneficial ownership remaining the same.

    A Botswana private equity firm Aleyo Capital (Proprietary) Limited (“Aleyo”), whose principal investors are Botswana-based pension funds and institutional investors, has been identified as the financing partner for the capital raising exercise. Aleyo, through an investment vehicle called Aleyo Growth Fund | Partnership, is to subscribe for a 29.1% shareholding in FMRE HoldCo for BWP61 million, and the subscription amount is to be used to capitalise the Subsidiaries to enhance their security profile. To that effect,a binding agreement has been signed, subject to conditions precedent listed below…

FULL CIRCULAR: FMHL Abridged Circular to Shareholders – 2020.pdf

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