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Econet Wireless Zimbabwe Ltd Announces Resignation of Chairman and Increases Its Stake in TN Bank to 100%-All Africa


Thursday, 13 Dec 2012 03:50am EST 

All Africa reported that Econet Wireless Zimbabwe Ltd announced that its Chairman Mr. Tawanda Nyambirai has stepped down from his position after selling his entire shareholding in TN Bank to Econet Wireless Zimbabwe Ltd. Accordingly, the buyout agreement means that Mr. Nyambirai, the Founder of TN Bank, becomes a minority shareholder in Econet Wireless Zimbabwe Ltd while TN Bank becomes a 100% -owned subsidiary of Econet Wireless Zimbabwe Ltd. Prior to the transaction, Econet Wireless Zimbabwe Ltd held a 45% stake in TN Bank while Mr. Nyambirai owned the bulk of the remaining shareholding. The TN Bank Founder has, however, been offered a seat on the Board of Econet Wireless Global.