CBZ shares gain 5.30% after board changes

By ETimes

CBZ Holdings shares on Wednesday gained 5.30% to close at $2,096.50 after board changes.

This follows the retirement of CBZ Holdings Limited chairman Marc Holtzman and group chief executive officer Blessing Mudavanhu.

Luxon Zembe, will be the acting chairman of CBZ Holdings Limited, while Lawrence Nyazema will be the acting group chief executive officer. The changes are effective from 1 December 2023.

The interim management is poised to lead a merger with ZB Financial Holdings. Analysts expect the pending acquisition of the ZB Financial Group to add around 5% to the CBZ Group’s share of public deposits.

CBZ began the year with a share price of $135.00 and has since gained 1,453% on that price valuation, ranking it 10th on the Zimbabwe Stock Exchange in terms of year-to-date performance.

CBZ Holdings Limited is currently the third most valuable stock on the ZSE, with a market capitalization of $1.44 trillion-HARARE