Business / Companies
Getbucks set to list on the Zimbabwe Stock Exchange
22 Oct 2015 at 09:04hrs | Views
Local micro-finance institution GetBucks Zimbabwe will soon launch an initial public offering on the Zimbabwe Stock Exchange in order to raise $3,75 million.
It will be the first IPO since Phillip Chiyangwa's Zeco Holdings listed during the Zim dollar era in 2007.
GetBucks is owned 55 percent by GetBucks Limited, a South African company, and 45 percent by investment holding firm Brainworks Capital Management. The company commenced operations in 2012 as a credit only micro-finance institution.
It currently has 13 branches in all the major centres of the country. Its loan book as of June 30, 2015 stood at $11,6 million.
GetBucks was licenced as a deposit taking micro-finance institution in July this year and is currently finalising the infrastructural and operational requirements before commencing banking operations.
Sources said that GetBucks is pursuing the IPO to comply with the shareholding structure prescribed by the Reserve Bank of Zimbabwe under new guidelines.
Other reasons for the IPO include the need to strengthen and enhance the visibility of GetBucks Zimbabwe brand to both public and private sectors and to further strengthen the corporate governance structures of the company by adhering to the rigors of a listing.
It will be the first IPO since Phillip Chiyangwa's Zeco Holdings listed during the Zim dollar era in 2007.
GetBucks is owned 55 percent by GetBucks Limited, a South African company, and 45 percent by investment holding firm Brainworks Capital Management. The company commenced operations in 2012 as a credit only micro-finance institution.
It currently has 13 branches in all the major centres of the country. Its loan book as of June 30, 2015 stood at $11,6 million.
GetBucks was licenced as a deposit taking micro-finance institution in July this year and is currently finalising the infrastructural and operational requirements before commencing banking operations.
Sources said that GetBucks is pursuing the IPO to comply with the shareholding structure prescribed by the Reserve Bank of Zimbabwe under new guidelines.
Other reasons for the IPO include the need to strengthen and enhance the visibility of GetBucks Zimbabwe brand to both public and private sectors and to further strengthen the corporate governance structures of the company by adhering to the rigors of a listing.
Source - the herald
