Pearl Properties rebrands to First Mutual Properties

Pearl Properties rebrands to First Mutual Properties

HARARE, September 13 (The Source) – First Mutual Holdings’ subsidiary Pearl Properties Limited has changed name to First Mutual Properties (FMP) as part of the group’s rebranding strategy.

FMP, which is due to announce its 2017 interims on Wednesday afternoon, is separately listed on the Zimbabwe Stock Exchange (ZSE) and the listing has since been amended.

“Shareholders are advised that the name of Pearl Properties has been changed to First Mutual Properties Limited.

“The listing on the ZSE has been amended with effect from 13th of September 2017 and the abbreviation is FMP and FMP.ZW on the ZSE Data Portal,” said company secretary Sheila Lorimer in a notice to shareholders.

She added that new share certificates will be issued as and when the company’s shares are traded on the ZSE.

As at May 2017, Pearl’s rental income declined 5 percent to $2.85 million compared to $2.8 million mainly due to declining rentals, lower occupancies and increased voids.

FML recently got shareholders’ approval to raise $17,25 million through a rights issue which will finance the acquisition of a 80,92 percent stake in Zimbabwe’s largest short-term insurer NicozDiamond.

FML intends to acquire the 80,92 percent stake in NicozDiamond from the state-run pension fund, National Social Security Authority (NSSA), in exchange for one FML share for every 5,02 NicozDiamond shares already held.

In addition to that, FML’s wholly owned subsidiary Tristar Insurance will be merged with NicozDiamond.