TN CyberTech to Hold Seventh AGM, Tables Share Buy...

TN CyberTech to Hold Seventh AGM, Tables Share Buy-back Plan

Audrey Galawu- Assistant Editor

TN CyberTech Investments Holdings Limited, formerly EcoCash Holdings Zimbabwe, has announced that it will convene its Seventh Annual General Meeting on September 30, 2025, at its Borrowdale offices in Harare, with shareholders also able to attend virtually.

According to the notice, the AGM will consider several key resolutions, including the adoption of the group’s financial statements for the year ended February 28, 2025, the election and re-election of directors, approval of directors’ remuneration, and the appointment of auditors.

The board has undergone significant changes following the company’s recent reconstruction and shareholding realignment.

“Following the successful completion of the scheme of reconstruction and the subsequent changes in the shareholder profile of the company, the board was reconfigured to reflect the new shareholding structure,” the company stated.

Several directors have stepped down, including former chairperson Mrs. Sherree G. Shereni, along with Dr. Zienzile Dillon, Mr. Hardy Pemhiwa, Mr. Darlington T. Mandivenga, Mr. Michael L. Bennett, Mr. Christopher Maswi, Mr. Eddie Chibi and Mrs. Theresa Nyemba.

The company confirmed that Ms. Elizabeth T. Masiyiwa and Mr. Dominic Musengi have been retained as non-executive directors.

New appointments to the board include Dr. Titus Murefu, Mr. Tawanda Nyambirai, Mr. Morgen Mufowo, Mr. Roy Chimanikire, Mr. Evaristo Mudhikwa, Mr. Rugare Chidembo, Mrs. Nadine Gabi Levy and Mr. Godknows Mudzingwa.

Shareholders will be asked to re-elect Mr. Musengi, who retires by rotation, and to confirm the appointments of the new directors.

“To individually re-elect the following Directors who were appointed post the last AGM, who retire from office at this AGM in accordance with the Companies and Other Business Entities Act [Chapter 24:31] and are eligible and have offered themselves for re-election as Directors of the Company,” the notice said.

Another item on the agenda is the approval of directors’ remuneration for the past financial year, alongside the appointment of auditors. TN CyberTech has proposed the reappointment of BDO Zimbabwe Chartered Accountants, who have served the company for three years, as auditors until the next AGM.

Under special business, the company will seek shareholder approval to renew its authority to repurchase up to 10% of its issued share capital.

The resolution stipulates that the buy-backs will not be made at a price greater than 5% above the weighted average market value of the shares in the five business days preceding the repurchase.

The board said the proposed buy-back will not compromise the group’s financial position. “The Company will be able to pay its debts for a period of 12 months after the date of the Annual General Meeting… The assets of the Company will be in excess of liabilities… The share capital and reserves of the Company are adequate… The Company will have adequate working capital,” the notice read.