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FBCH on expansion drive

Roadwin Chirara

FIRST Banking Corporation Holdings (FBCH) is scouting for suitable unlisted companies as part of its expansion drive.

f”>The financial concern, which was recently listed after its merger with the Southern Africa Reinsurance Company (Sare), is reported to be interested in expanding its current financial base.

FBCH chief executive officer Livingstone Gwata confirmed that his firm was looking around for suitable companies. He said it was the company’s strategy to search for opportunities wherever possible.

“We are looking for opportunities that will add value to the company and our shareholders,” Gwata said.

“We are looking at growing the business by offering value through venturing into other lines of business which will enable us to contribute to the company’s growth,” Gwata said.

He said FBCH aimed at creating a strong and sound financial concern.

He said the company was pleased with the performance of its share price since listing but felt it was under-valued.

“We are pleased with our performance since we listed but I feel we are under-valued as a company,” said Gwata.

He, however, said the company was confident that conclusion of negotiations with other financial concerns would have a significant impact on its market value.

“We are confident that the share value would pick up when we conclude our negotiations with other unlisted financial concerns, including those that you have mentioned,” Gwata said.

“But we should leave the stockbroking to the stockbrokers whom we have entrusted to manage our shares for us.”

The company’s significant earnings did not, however, boost the share price of the newly-listed entity as the share price has retreated from the listing price of $49,50 to the current trading rate of $32.

FBCH now comprises reinsurance concern Sare and commercial bank First Banking Corporation.

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