First Mutual Properties has announced that its 23rd Annual General Meeting will be held on June 25, 2026, in Harare, with shareholders set to consider a dividend proposal, the re-election of directors and a share buy-back mandate.
According to the notice of AGM, shareholders will be asked to approve a final dividend of US$134,300, representing US$0.0001 per share, for the financial year ended December 31, 2025.
The company said the dividend translates to approximately ZWG 0.001 per share at the prevailing exchange rate.
Among key items on the agenda is the election and re-election of directors. Shareholders will consider the election of Arnold Chidakwa as an independent non-executive director and the re-election of Rueben Moyo and Douglas Mlotshwa as non-executive directors.
Chidakwa brings extensive experience in finance, economic development and corporate strategy. According to the notice, he currently serves as Technical Adviser to Zimbabwe's Ministry of Finance and Economic Development and sits on several boards within the First Mutual group.
Moyo, a seasoned insurance executive, has held leadership positions across the First Mutual Group and previously served as chief executive of Fidelity Life Zimbabwe and Old Mutual Kenya.
Mlotshwa currently serves as Group Chief Executive Officer of First Mutual Holdings and has more than three decades of experience in actuarial science, financial services and corporate governance.
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Shareholders will also vote on the remuneration of directors amounting to USD 520,618 for the year ended December 31, 2025, and approve audit fees of USD 96,320.85 paid to the company's external auditors, Aureni Chartered Accountants.
In addition, the board is seeking authority to make loans to executive directors under terms governed by the company's remuneration framework and corporate governance policies.
A significant resolution before shareholders is a proposal granting the company authority to repurchase its own shares.
Under the special resolution, FMP would be authorised to acquire up to 5% of its issued ordinary shares over a 12-month period, subject to regulatory requirements and solvency tests.
The company said directors would only exercise the buy-back authority if they believed it was in the best interests of shareholders and if the company remained financially sound after the transaction.
"Directors will only exercise the authority if they believe that to do so would be in the best interests of shareholders generally," the notice stated.
FMP also advised shareholders that they may participate in the AGM virtually through an online platform.
The meeting comes weeks after shareholders overwhelmingly approved the company's voluntary delisting from the Zimbabwe Stock Exchange, paving the way for its transition into a privately held entity under First Mutual Holdings Limited.
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