THL has been battling to rope in a cash-rich investor to pour in capital and arrest the financial institution’s haemorrhage.
TRUST Holding Limited (THL) could have a new shareholder if the financial institution’s shareholders approve an offer from a potential investor at an Extraordinary General Meeting (EGM) to be held on September 15, 2016.
The notice of THL’s EGM comes a week after Trust Banking Corporation, THL’s flagship operations, had its asset auctioned last week, as its liquidator moved in to recover debts.
In a notice to shareholders, THL company secretary, George Kaseke, said the EGM, to be held in Harare, will have three agendas for discussion.
The first is an “update on the state of affairs of the subsidiary, Trust Bank Corporation in liquidation”.
The bank was placed under final judicial management in May this year after failing to attract new investment. It had deposits of about US$17,7 million at the time of closure in September 2013.
Auctioneer Hammer and Tongues last week auctioned over 50 vehicles and office furniture to recover creditors’ funds.
“Duly instructed by Deposit Protection Corporation (DPC), liquidators of Trust Bank Corporation under liquidation, we will sell the…assets by auction,” said Hammer and Tongues.
The other issues to be discussed at the EGM are: “To receive and consider an offer to purchase a significant stake in THL and to receive and consider the other initiatives to recapitalise the company and strengthen the capital base.”
THL has been battling to rope in a cash-rich investor to pour in capital and arrest the financial institution’s haemorrhage.