Zimre to leverage real estate

HARARE - Zimre Holdings Limited (Zimre) will leverage its real estate, within and outside the group’s portfolio to meet underwriting capacity.

Benjamin Kumalo, Zimre chairperson last week said the group would also dispose its non-core assets and non performing investment.

“Among others, we intend to leverage our real estate… we have got substantial assets as a group, some of which will not be reflected on the balance sheet as they sit in an associate company. So we want to leverage this,” Kumalo said.

According to the listed insurance giant — which intends to buy back five percent of the group’s ordinary shares — disposing non-core assets and non performing investments should raise an excess of $6 million.

“Most of these assets are equities in non-courted companies. This process will be completed in the next six months,” said Kumalo without disclosing the entities earmarked for sale.

The ZHL boss said market capitalisation was undermining the group’s assets and investors needed to have confidence in the group.

“ZHL net assets are worth over $50 million while the market cap is way below this, so the buyback will protect our shares from the low cap on the market and show shareholders the company is worth more,” he said.

Chief executive Albert Nduna also said the group recorded a gross premium of $24 million for the first three months of year up to March 31, 2014.

“Although the gross premium was nine percent below the same period last year, this figure was within expectations. Gross premium for the regional business was in line with budget and was ahead of last year,” Nduna said.

The group benefited from cost cutting measures with operating and administration expenses at nine percent below budget for the prior year.

“On the Agro Industrial operations, CFI recorded $133 million in total assets, and $87 million turnover and a net worth of $81 million,” said Nduna.

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