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Tagwirei linked wealth managers in OK shares buying spree
7 hrs ago | Views
Akribos Wealth Managers, a prominent asset management firm with connections to local businessman Kuda Tagwirei, has made a major splash in the Zimbabwean stock market by purchasing a combined 16,338,281 shares of OK Zimbabwe Limited, catapulting the firm to become the tenth-largest shareholder in the supermarket giant with a 2% stake. This strategic acquisition has raised eyebrows in the market, especially as it comes ahead of significant changes in OK Zimbabwe's top management.
The shares were acquired through two entities: Akribos Wealth Managers Nominees, which purchased 12,285,281 shares, and Akribos Nominees, which took 4,053,000 shares. The sudden rise of Akribos as a major shareholder has fueled speculation of a potential takeover bid for OK Zimbabwe, particularly given the ongoing challenges facing the retail chain.
Akribos Wealth Managers also holds a significant stake in CBZ Holdings Limited, the parent company of CBZ Bank, where it is the second-largest shareholder with 23.10%. The National Social Security Authority (NSSA) remains the largest shareholder of CBZ with 24.91%, further complicating the situation as NSSA also holds a sizable interest in OK Zimbabwe. This connection has led some observers to suggest that Akribos, along with NSSA and other entities such as Datvest Nominees (which also acquired 3,199,625 OK shares), may be setting the stage for a coordinated effort to take control of OK Zimbabwe.
OK Zimbabwe, the country's largest supermarket chain with 70 stores nationwide, is facing significant financial strain. The company has been grappling with a series of challenges, including currency volatility, a liquidity crunch, high utility bills, supply chain disruptions, and unsustainable operating costs. In recent weeks, the company has closed several branches across the country, including locations in Chitungwiza, Glen Norah, Kuwadzana Extension, Robson Manyika in Harare, and Entumbane in Bulawayo. These closures have only added to the concerns surrounding the retailer's future.
The recent buying spree occurred just before OK Zimbabwe's surprise management overhaul on February 5, when the company dismissed its top executives, including CEO Maxen Phillip Karombo, and appointed a new leadership team headed by Willard Zireva, a former veteran CEO. This sudden leadership change, combined with the massive share transactions, has triggered alarm among some shareholders who fear that a takeover is quietly underway, potentially at a time when the company is at its weakest.
In a recent communication to shareholders, OK Zimbabwe expressed concern about the sudden movement of 23 million shares, including the large purchases by Akribos Wealth Managers and Datvest Nominees. The company's note questioned the motivations of the buyers and sellers behind these transactions, particularly as they occurred amid the financial struggles and restructuring efforts at OK.
While the identities of the key players behind these transactions remain unclear, the connection between Akribos and Tagwirei has sparked intense interest in the market. Tagwirei, a well-known businessman with extensive political and financial ties, has long been a figure of significant influence in Zimbabwe's business landscape, adding another layer of intrigue to the unfolding situation.
Industry insiders speculate that if Akribos, Datvest, and NSSA were to form a united front, they could potentially wrest control of OK Zimbabwe, leveraging their shared interests in CBZ Bank and other ventures. Such a move would position these entities as key players in the future of the supermarket giant, especially as it battles to regain its footing in a challenging economic environment.
OK Zimbabwe's challenges are compounded by a difficult operating environment in Zimbabwe, marked by inflation, exchange rate fluctuations, and a volatile business climate. Despite being the largest supermarket chain in the country, the retailer is under immense pressure to turn around its fortunes as it faces competition from both formal and informal sectors.
As the situation at OK Zimbabwe continues to unfold, all eyes will be on the potential alliances forming behind the scenes and whether Akribos Wealth Managers and its partners will make a move to take control of the beleaguered retail giant. For now, the market remains on edge, waiting to see if a bold new chapter for OK Zimbabwe is on the horizon.
The shares were acquired through two entities: Akribos Wealth Managers Nominees, which purchased 12,285,281 shares, and Akribos Nominees, which took 4,053,000 shares. The sudden rise of Akribos as a major shareholder has fueled speculation of a potential takeover bid for OK Zimbabwe, particularly given the ongoing challenges facing the retail chain.
Akribos Wealth Managers also holds a significant stake in CBZ Holdings Limited, the parent company of CBZ Bank, where it is the second-largest shareholder with 23.10%. The National Social Security Authority (NSSA) remains the largest shareholder of CBZ with 24.91%, further complicating the situation as NSSA also holds a sizable interest in OK Zimbabwe. This connection has led some observers to suggest that Akribos, along with NSSA and other entities such as Datvest Nominees (which also acquired 3,199,625 OK shares), may be setting the stage for a coordinated effort to take control of OK Zimbabwe.
OK Zimbabwe, the country's largest supermarket chain with 70 stores nationwide, is facing significant financial strain. The company has been grappling with a series of challenges, including currency volatility, a liquidity crunch, high utility bills, supply chain disruptions, and unsustainable operating costs. In recent weeks, the company has closed several branches across the country, including locations in Chitungwiza, Glen Norah, Kuwadzana Extension, Robson Manyika in Harare, and Entumbane in Bulawayo. These closures have only added to the concerns surrounding the retailer's future.
The recent buying spree occurred just before OK Zimbabwe's surprise management overhaul on February 5, when the company dismissed its top executives, including CEO Maxen Phillip Karombo, and appointed a new leadership team headed by Willard Zireva, a former veteran CEO. This sudden leadership change, combined with the massive share transactions, has triggered alarm among some shareholders who fear that a takeover is quietly underway, potentially at a time when the company is at its weakest.
In a recent communication to shareholders, OK Zimbabwe expressed concern about the sudden movement of 23 million shares, including the large purchases by Akribos Wealth Managers and Datvest Nominees. The company's note questioned the motivations of the buyers and sellers behind these transactions, particularly as they occurred amid the financial struggles and restructuring efforts at OK.
While the identities of the key players behind these transactions remain unclear, the connection between Akribos and Tagwirei has sparked intense interest in the market. Tagwirei, a well-known businessman with extensive political and financial ties, has long been a figure of significant influence in Zimbabwe's business landscape, adding another layer of intrigue to the unfolding situation.
Industry insiders speculate that if Akribos, Datvest, and NSSA were to form a united front, they could potentially wrest control of OK Zimbabwe, leveraging their shared interests in CBZ Bank and other ventures. Such a move would position these entities as key players in the future of the supermarket giant, especially as it battles to regain its footing in a challenging economic environment.
OK Zimbabwe's challenges are compounded by a difficult operating environment in Zimbabwe, marked by inflation, exchange rate fluctuations, and a volatile business climate. Despite being the largest supermarket chain in the country, the retailer is under immense pressure to turn around its fortunes as it faces competition from both formal and informal sectors.
As the situation at OK Zimbabwe continues to unfold, all eyes will be on the potential alliances forming behind the scenes and whether Akribos Wealth Managers and its partners will make a move to take control of the beleaguered retail giant. For now, the market remains on edge, waiting to see if a bold new chapter for OK Zimbabwe is on the horizon.
Source - online
