THE Competition and Tariff Commission has halted CBZ Holdings Limited’s attempt to extend its shareholding in First Mutual Holdings Limited (FMHL) by way of a rights offer ― insisting that the former should maintain the 31,22 percent stake initially approved.
CBZ Holdings acquired 31,22 percent of FMHL from the National Social Security Authority in 2022 after CTC’s approval.
Among other conditions for the approval of the transaction was that, should CBZ Holdings intends to increase its stake in FMHL, it has to notify the commission.