Kudakwashe Tagwirei denied selling CBZ shares shortly before an opaque US$100 million transaction transferred a major stake to a public pension fund. The post Tagwirei denied CBZ sale before mysterious US$100m pension fund deal appeared first on Nehanda Radio .
Controversial Zimbabwean businessman Kudakwashe Tagwirei denied selling any shares in CBZ Holdings days before Akribos Nominees transferred an 11.91% stake in the financial services group to the state-backed Public Service Pension Fund in a transaction valued at approximately US$100 million.
The negotiated deal involved 62,276,714 CBZ shares and increased the PSPF’s holding to about 21.67%, according to figures reported by The NewsHawks. Other reports have placed the fund’s enlarged stake at between 20% and 22%.
When contacted by The NewsHawks last Thursday, before the transaction appeared on the Zimbabwe Stock Exchange, Tagwirei firmly denied that he had agreed to sell his shares.
“I have not sold anything. It’s not true,” he said.
Market attention has focused on Akribos Nominees, which was recorded as the seller in the transaction. The identity of the ultimate beneficial owner behind the nominee account has not been officially disclosed.
Akribos Wealth Managers reportedly used nominee arrangements in 2019 to acquire a substantial stake in CBZ Holdings on Tagwirei’s behalf. This has fuelled speculation that he was the ultimate seller in the latest deal, despite his denial.
Akribos Capital Incorporated group chief executive Edmond Mupfapairi told The NewsHawks before the transaction that he was away from his office and unaware of what was happening.
“I’m not in office until Monday, so I don’t know what’s happening,” he said.
Attempts to obtain further clarification from CBZ chief executive Lawrence Nyazema were unsuccessful after he initially indicated that he was taking a short flight.
Nominee accounts are permitted on the Zimbabwe Stock Exchange, but the lack of disclosure surrounding the underlying seller has raised questions about beneficial ownership and the use of public pension money.
The transaction was reported at ZiG2.584 billion, with the equivalent value estimated at between US$96 million and US$100 million.
Some reports said the shares were traded at ZiG39.99 each, which was CBZ’s closing market price. However, dividing the reported ZiG2.584 billion transaction value by the 62.28 million shares produces an effective price of approximately ZiG41.49 per share.
This discrepancy suggests that the negotiated transaction was completed above the closing market price or that different figures were used when reporting the deal.
The purchase also implies a valuation of more than US$800 million for CBZ Holdings, although estimates cited by market sources have ranged from approximately US$809 million to US$840 million.
The conflicting calculations have intensified calls for the PSPF, CBZ, Akribos and market regulators to disclose the pricing method and ultimate seller.
PSPF chief investment officer Farai Gaba confirmed the acquisition but did not publicly identify the seller.
Gaba said the increased shareholding was consistent with the fund’s strategy of building a diversified portfolio capable of preserving capital and delivering sustainable growth for public-sector pension contributors.
“Our objective is not simply to accumulate assets, but to hold quality investments that generate sustainable returns, preserve value and strengthen the fund’s capacity to meet its long-term obligations to members,” he said.
Following the transaction, the PSPF became one of CBZ Holdings’ largest shareholders alongside the National Social Security Authority, the Zimbabwean government and Libyan Foreign Bank.
Questions about the seller are particularly significant because Tagwirei has been sanctioned by British and American authorities over alleged corruption and his close relationships with senior Zimbabwean officials. He has denied wrongdoing.
The UK sanctions list currently subjects him to an asset freeze, travel ban and director-disqualification measures. The US Treasury designated him and Sakunda Holdings in 2020.
If Tagwirei was the ultimate beneficiary, analysts say the involvement of a publicly funded pension institution could attract enhanced regulatory and sanctions-compliance scrutiny. His participation in the transaction, however, has not been officially confirmed.
