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Vunani acquires Zim asset management firm

Feb 28 2013 10:12
Malcom Sharara, Fin24’s correspondent in Zimbabwe
Zimbabwe flag

(Shutterstock)

Company Data

VUNANI LIMITED [JSE:VUN]

Last traded 3
Change 0
% Change -1
Cumulative volume 843
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Harare - JSE-listed Vunani [JSE:VUN] this week announced it has acquired a Zimbabwe-based asset management company, Purpose Asset Management.

Vunani CEO Ethan Dube said the acquisition will help the financial services group position itself to spread its operations across southern Africa.

Dube was quoted by The New Age as saying Zimbabwe remains a good investment opportunity which will provide a platform for expansion further into southern Africa.

"We are very excited about the opportunities this acquisition represents. Vunani has been providing advisory services in Zimbabwe for some time, but now we are able to emulate the full gambit of our diversified financial services business in this country."

Vunani said the transaction had been approved by the Exchange Control department of the South African Reserve Bank and is subject to further conditions. Vunani will have the option to purchase a further stake in order to achieve a shareholding of 55% in Purpose Asset Management, subject to regulatory approvals.

 - Fin24

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vunani  |  zimbabwe  |  economy

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