August 22, 2022
Victoria Mutual Investments Limited (VMIL) has advised of the results of the vote on the Scheme of Arrangement for the Restructuring of the VM Group show overwhelming support for the proposed move. Victoria Mutual Building Society (VMBS), parent of VMIL had gone to its Members for a vote on the Scheme at a Court ordered meeting on Tuesday, August 9, 2022. VMBS proposed the restructuring exercise to ensure compliance with the Banking Services Act (2014) which mandates that a corporate group which includes both financial entities and non-financial entities be reorganised by separating the financial services companies from the non-financial companies.
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