Zimbabwe multimillionaire banker John Mushayavanhu has received a $6,198 dividend from his stake in FBC Holdings, a Zimbabwe-based investment holding company.
On August 29, FBC Holdings, which is listed on the Zimbabwe Stock Exchange under the banking sector, disclosed in a notice to the ZSE Over-the-Counter (OTC) Securities Exchange that it planned to pay 0.45 US Cents ($0.0045) in dividends to new and existing shareholders its 2023 interim results for the half year, bringing the total dividend to nearly $1 million.
NewsOTG gathered that On Thursday 29 June 2023, during its 19th Annual General Meeting at Royal Harare Golf Club, 5th Street Extension, in Harare, Zimbabwe which was attended by shareholders, regulators, and company directors, among other stakeholders, shareholders approved the dividend.
FBC Holdings is an investment holding that houses a group of subsidiaries that provide financial services spanning commercial banking, insurance, mortgage financing, micro-financing, and securities trading.
Mushayavanhu owns 6.6 percent of the company which translates to 4,434,869 ordinary shares, making him one of the Company’s largest shareholders.
As of Friday, his shares are currently valued at $11.15 million.
FBC Holdings recorded significant growth in key financial metrics as of June 30, 2023, with the Group’s financial stronghold standing robust at ZWL2.9 trillion, demonstrating an impressive surge of 180% from its position on December 31, 2022.
The Shareholders’ funds, which are a pivotal indicator of the company’s fiscal health, soared by a staggering 208%, scaling from ZWL201 billion at the close of 2022 to a formidable ZWL621 billion.
FBC Holdings Limited achieved a profit before tax of ZWL427 billion and a profit after tax of ZWL366 billion, a reflection of the resilience of the Group’s diversified business model and ability to adapt to the challenging environment.
FBC Holdings Limited is a Zimbabwe-based investment holding company offering commercial banking, mortgage financing, micro-lending, reinsurance, short-term insurance, and stockbroking services. With six segments, the company offers diverse financial services through subsidiaries like FBC Bank Limited, FBC Building Society, FBC Reinsurance, FBC Securities (Private) Limited, and MicroPlan Financial Services (Private) Limited.
FBC Bank Limited was established in August 1997 as First Banking Corporation Limited before changing its name to FBC Bank on 18 August 2004 after being wholly acquired by FBC Holdings Limited.
It assumed its current name, FBC Holdings, in August 2004.
The Company has six segments: commercial banking, microlending, mortgage financing, reinsurance, short-term insurance, and stockbroking.
It offers diverse financial services through subsidiaries, FBC Bank Limited, FBC Building Society, FBC Reinsurance, FBC Securities (Private) Limited and MicroPlan Financial Services (Private) Limited.
John Mushayavanhu is the group CEO and largest individual shareholder of FBC Holdings.