diamond, platinum and gold claims rights in Zimbabwe, and has successfully raised capital from the sale of 33 million shares, which were quoted at 12 pence a share in London.
The company said the money would be ploughed into ongoing exploration and investment programs in Zimbabwe. It also said the country’s mineral reserves were considerably undervalued and under-exploited, owing to the lack of both capital investment and modern exploration processes.
Econet to list on LSE
JOHANNESBURG – In a bid to enhance shareholder value Econet Wireless will soon embark on several initiatives, including listing on the London Stock Exchange. Econet Wireless spokesperson, Sure Kamhunga, confirmed to CAJ news that the company was exploring several options to strengthen its financial position but could not elaborate further. “We continue to explore various options to enhance shareholder value and raise capital and listing is but one of these options. However, we do not have specific details as to when the company will be listed,” he said.
Econet recently acquired a majority stake in a cellular company in Burundi. In an interview earlier this year, Econet Wireless chief executive officer, Strive Masiyiwa, said the company sought to raise £500 million pounds by next year. – CAJ News
SME stock exchange on the cards
HARARE – The plan for a stock exchange for Small to Medium Scale Enter-prises (SMEs) in Zimbabwe has reached an advanced stage, raising hopes that trading on the secondary bourse will commence this year.
Minister of Small and Medium Enterprises Development Sithembiso Nyoni said that a committee was set up and was currently working on a report which would help the ministry to “forge ahead” with plans to set up the secondary bourse.
She said the report, which is going to be presented this week, would also help her ministry to lay the groundwork that would facilitate the setting up of the market.