The Sunday News
HARARE – FBC Holdings is set to construct new head offices as part of a broader strategy to boost the group’s fixed assets.
The listed diversified financial services group’s head-office is currently located at 45 Nelson Mandela Avenue in Harare’s central business district CBD. After telling analysts that the group’s fixed assets are still rather low, CEO Mr John Mushayavanhu later said that the group was planning to construct new head offices – most likely out of the CBD.
Fixed assets are assets that are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.
“Our fixed assets are still very low at 5 percent (of net assets) and a decision has been made that we need to slightly improve that figure….” he said.
“Some of it (excess cash) will go into the construction of our new head office. As you know we are right in town, to be specific we are opposite Harvest House, which is not the best of addresses.
FBC Holdings’ statement of current position grew 24 percent to $610, 1 million for the year ended December 31, 2016.
– BH24
