Publications
Partners
Harare - Zimbabwe focused investment company Brainworks Limited has been granted a listing of all its issued shares in the Equity Investments Instruments sector of the main board of the JSE to become the first Zimbabwean company to have a primary listing on the JSE main board.
The Mauritian-registered investment holding company - whose investment base is focused on the Zimbabwean hospitality, real estate, financial services and logistics sectors - will commence trade on the October 13 2017 and has since extended an offer to qualifying investors to purchase up to 10 680 555 ordinary shares, and subscribe for 16 843 396 ordinary shares in the company at R11.50 per offer share.
This is however not open to the general public and only constitutes an offer for subscription and/or sale of offer shares to qualifying investors.
“There is no minimum capital requirement to be realised by the offer. Applications pursuant to the offer must be for a minimum of R1m," it said.
Brainworks said proceeds of the offer will be used to settle interest-bearing debt, which will strengthen the group’s balance sheet and position it for growth. It will be invested in its current investee assets to enhance future revenue generation and profitability, as well as pay listing expenses.
Brainworks also said the listing will provide access to funding from South African equity capital markets to facilitate and accelerate the group’s organic and acquisitive growth.
Brainworks operates seven resort hotels and four city hotels in Zimbabwe, with some of them under the management of South Africa’s Legacy Hotels and Resorts.
It is also invested in the fintech sector through Getsure, a microfinance life insurer, Getcash, which operates an ewallet and mobile platform and operates GetBucks Microfinance Bank Limited, a subsidiary of MyBucks, a German Fintech business listed on the DAX.
SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.
Read Fin24's top stories trending on Twitter: Fin24’s top stories
