Zimbabwe Stock Exchange (ZSE)-listed tech-group Cassava Smartech has been given the nod by the ZSE to change its name to EcoCash Holdings Limited.
ZSE has, according to a circular on the proposed name change and notice of an extraordinary general meeting to be convened on January 10 next year, approved the name change and reserved a new name code on the bourse for the company.
“The Registrar of Companies has reserved the name, EcoCash Holdings Zimbabwe Limited, and the ZSE has, subject to shareholders’ approval, approved the change of name, with a new share ZSE code of EHZL and ISIN ZW0009012437,” read part of the circular.
The proposed name was approved by the Registrar of Companies on June 14, 2021 and has been reserved up to December 31, 2021.
The circular was issued in order to furnish shareholders with relevant information relating to the proposed change of name in accordance with the Companies and Other Business Entities Act and the ZSE listing requirements to enable shareholders to make an informed decision in respect of the proposed change of name.
This comes after Cassava Smartech on August 2, 2021, announced that the company proposed to change its name to EcoCash Holdings Zimbabwe Limited.
According to the circular, the company’s controlling shareholder, Econet Global Limited owns businesses outside Zimbabwe that have the word “Cassava” in their name.
Apart from the common shareholder, such businesses are separate from the company, it said. Furthermore, the proposed change of name is intended to avoid confusion and to align the name of the company with the company’s main operating subsidiary, EcoCash (Private) Limited.