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Oliver Kazunga, Senior Business Reporter

CBZ Holdings Limited has executed an agreement to acquire 31,22 percent stake in First Mutual Holdings Limited held by the National Social Security Authority (NSSA).

Early this year, NSSA, announced the intent to reduce its stake from First Mutual Holdings Limited (FMHL) from the current 66,22 percent in line with its investment strategy.

In a further cautionary statement, CBZ Holdings Limited said: “The directors of CBZ Holdings Limited wish to advise shareholder that following the conclusion of negotiations, the company has now executed an agreement for the acquisition of 31,22 percent shareholding in First Mutual Holdings Limited from NSSA.

“The agreement is subject to several conditions precedent, which if fulfilled and the transaction is successfully concluded, may have a material effect on the price of the company’s securities.”

In this light, the financial services group said shareholders were thus advised to continue exercising caution when dealing in the company’s securities until a full announcement is made. -@KazungaOliver