BY TAURAI MANGUDHLA THE National Social Security Authority (Nssa)’s disposal of a 31,22% stake in Zimbabwe Stock Exchange (ZSE)-listed life group First Mutual Holdings (FMH) is one step closer after FMH yesterday issued a cautionary statement to shareholders advising of the transaction. A strategic partner will snap up the 31,22% stake, according to FMH, leaving Nssa with 35% shareholding in the group. This comes after Nssa last week announced multiple divestitures from a string of firms, including Turnall, under a “refocusing” strategy that will see the fund raving up its ambition to invest in foreign markets. Under the plan, Nssa will sell its 32,55% shareholding in Turnall, together with 31,22% of its 66,22% stake in FMH. Nssa is also disposing of its stake in mortgage lender, National Building Society. Currently, Nssa holds 66,2% of FMH in violation of ZSE rules and the Insurance and Pensions Commission (IPEC) guidelines. “This move will see Nssa compliance with regulatory requirements, while bringing in a strategic investor with solid financial resources, synergistic, technical and strategic benefits to enhance the growth prospects of the First Mutual group,” FMH said in the cautionary statement yesterday. After the transaction, Nssa still remains the largest shareholder in the company. The group warned that the new developments might have a material impact on the price of the company's securities and advised shareholders to exercise caution when dealing in the company’s securities until a full announcement is made. FMH recently declared a dividend. According to the announcement, an FMH board meeting held on November 17, 2020 resolved that an interim quarterly dividend of $7 398 431 being 0,5982 cents per share be declared from the profits for the quarter ended September 30 2020. FMH said the dividend would be payable on or about February 5, 2021 to shareholders of the group registered at close of business on January 29 2021. “The shares of the group will be traded cum-dividend on ZSE up to January 26, 2021 and ex-dividend as from January 27 2021,” FMH said. Nssa’s historic decisions are seen ushering in a new era for the institution which has perennially hogged headlines for the wrong reasons. In November, Public Service, Labour and Social Welfare minister Paul Mavima dissolved the Nssa board ahead of what was termed transformation of the institution. Nssa in January 2021 appointed Arthur Manase substantive general manager/chief executive a year after he landed the position in an acting capacity. Follow Taurai on Twitter @mangudhla7