Source: Public Service Pension Fund doubles CBZ stake to 20 percent – herald
Martin Kadzere
THE Public Service Pension Fund has increased its shareholding in financial services giant CBZ Holdings to 20 percent following the acquisition of an additional 10 percent equity.
The transaction involved a negotiated deal transferring approximately 62,28 million CBZH ordinary shares — valued at ZiG 2,585 billion — to PSPF during last Friday’s trading session on the Zimbabwe Stock Exchange (ZSE), anchoring both the day’s total market volume and value.
CBZ closed marginally lower at ZiG39,99 per share.
PSPF chief investment officer Dr Farai Gaba confirmed the transaction, saying the deal aligns with the fund’s aggressive investment drive to construct a diversified, high-performing asset portfolio capable of preserving capital and generating real growth for public sector contributors over the long term.
“The increased shareholding strengthens the fund’s strategic exposure to Zimbabwe’s financial services sector and reflects PSPF’s continued focus on investments that offer sustainable long-term value,” Dr Gaba said.
The strategic acquisition in CBZ Holdings is part of a broader, aggressive footprint expansion by PSPF into high-yield real estate, hospitality, and infrastructure assets across the country.
In hospitality, the fund has established strategic positions in major leisure and conferencing assets, including the Monomotapa Hotel in Harare and Caribbea Bay Resort in Kariba.
PSPF has also committed significant capital to property, housing and social infrastructure developments across the country.
These include the Midlands Park development in Zvishavane, comprising residential housing and student accommodation, alongside several other property and infrastructure investments.
Dr Gaba said the fund’s growing investment portfolio would continue to be managed within a framework of responsible institutional ownership, strong corporate governance and disciplined long-term investment.
“The growth of the fund must ultimately translate into a stronger, better-diversified and more productive investment portfolio.
“Our objective is not simply to accumulate assets, but to hold quality investments that generate sustainable returns, preserve value and strengthen the Fund’s capacity to meet its long-term obligations to members,” he said.
He added that PSPF would continue to pursue investment opportunities that provide an appropriate balance between return, income generation, liquidity, diversification and long-term capital appreciation.
Dr Gaba said that as a major institutional investor in CBZ Holdings and key real estate developments, PSPF remains committed to active, responsible ownership, strict corporate governance and direct contribution to national infrastructure goals.
“PSPF remains committed to strong governance, responsible investment, and the long-term sustainability of the fund in fulfilment of its mandate to protect and grow pension assets for public service retirees,” he said.
“As the fund continues to grow, our investment strategy is increasingly focused on ensuring that this growth is supported by an appropriately diversified portfolio of performing assets.
“We are deliberately deepening our exposure to financial assets alongside our investments in property, infrastructure, hospitality and other sectors”.
Dr Gaba said the increased CBZH shareholding provides PSPF with greater exposure to the financial services sector, while improving the overall balance and diversification of the fund’s investment portfolio.
He said the increased shareholding strengthens the fund’s strategic exposure to Zimbabwe’s financial services sector and reflects PSPF’s continued focus on investments that offer sustainable long-term value.
“As our asset base grows, diversification becomes increasingly important in managing concentration risk and ensuring that the portfolio remains resilient across different economic and market conditions,” Dr Gaba said.
“The acquisition is therefore part of a broader strategy to align the fund’s expanding asset base with investments capable of generating sustainable returns and cash flows, while progressively deepening its allocation to listed equities and other financial assets.”
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