Cassava Shareholders Approve Name Change

Business Writer

HARARE : Shareholders of listed financial technology giant Cassava Smartech have given the nod for the name change of the company to Ecocash Holdings Zimbabwe Limited at an extraordinary meeting held virtually.

Shareholders voted unanimously in favor of the motion.

The new name will not have any effect on the share capital of the Company and shall not have any material effect on the net assets, gearing and earnings per share of the group.

The company has indicated that the name change was informed by the need to distinguish the company (Cassava Smartech) from other separate businesses its controlling shareholder-Econet Global Limited owns outside Zimbabwe that have the word ‘Cassava” on them.

Furthermore, the company said the move was also meant to align the name of the Company with the Company’s main operating subsidiary, EcoCash (Private) Limited which constitutes 80% of group revenue.

The proposed name “EcoCash Holdings Zimbabwe Limited” was approved by the Registrar of Companies on 14 June 2021 and had been reserved up to 31 December 2021 awaiting shareholder approval while a ZSE code of EHZL and ISIN ZW0009012437 has already been secured.

The new name will be effective from the date of issuance of the certificate of change of name by the Registrar of Companies.

Cassava was unbundled from its parent company, Econet Wireless in 2018 to focus on its technology related businesses including Ecocash, Stewart Bank, EcoSure, EcoFarmer, Ruzivo and VAYA Technologies.

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